Europe contemplates drawing diesel reserves

Reuters reported that European Union countries are discussing a French proposal to withdraw 50 million barrels from diesel inventories, in response to U.S. pressure to increase supplies and reduce fuel prices. The proposal also aims to release 50 million barrels of crude oil from the inventories of the G7 nations, with the condition that the Americans pledge not to impose a unilateral ban on diesel exports. French President Emmanuel Macron also called on the G7 to coordinate efforts to reduce fuel prices in a coordinated manner without imposing export restrictions, amid discussions with leaders of the involved countries to ensure unified actions.

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