Britain in Talks Over Emergency Diesel Stockpile Release
Britain is talking to European allies about releasing emergency diesel stockpiles, according to the Guardian. The move follows a threat from US President Donald Trump to cut off American diesel supplies to Europe.
British ministers held calls on Thursday with counterparts from the European Commission, Germany, France, Italy and Ireland. The talks are about freeing up reserves to steady the market.
The Trump administration has told Germany and France to draw down emergency diesel inventories, according to people close to the discussions. The warning said Europe could face a potential US diesel export ban if it does not act.
Trump is considering wider curbs to lower domestic fuel prices before the US midterm elections in November. Europe has grown more dependent on US fuel since banning Russian imports.
Diesel prices in the United States have risen to record highs in recent weeks. The squeeze has also been deepened by China’s decision to halt October fuel exports and by Russia’s extended diesel export ban.
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