12 European countries release strategic oil reserves, including diesel, under pressure from Trump

[Financial News] Under pressure from U.S. President Donald Trump, 12 European countries have agreed to jointly release 42.6 million barrels of strategic reserves, including diesel, onto the market by the end of January next year.
According to French news agency Agence France-Presse (AFP), 12 countries, including Germany, France and Italy, issued a joint statement on the 29th (local time), saying they plan to release strategic reserves, including 20.5 million barrels of diesel, by the end of January next year.
After a meeting of the EU Energy Council in Luxembourg that day, EU energy commissioner Dan Jørgensen told reporters, “Member states have reaffirmed their commitment to release 42.6 million barrels from strategic reserves early over the coming months,” adding, “Half of that is diesel.” Belgium, Denmark, the Netherlands, Portugal, Sweden, Greece, Latvia, Lithuania and Luxembourg are also participating in the measure.
The Group of Seven (G7), including France, agreed at the end of a meeting on the 2nd to release strategic oil reserves. French President Emmanuel Macron said at the time, “G7 leaders have agreed to supply a combined 100 million barrels of diesel and crude oil to the market over the next four months.”
Concerned about rising diesel prices in the United States ahead of the November midterm elections, Trump urged European governments to release their reserves to lower oil prices. The United States is currently the world's largest diesel exporter. Last month, Trump pressured Europe, saying he could ban exports to get diesel prices under control. Asked on the 1st whether he would ask Europe to release its diesel reserves, he said, “I could do that,” adding, “Europe has some diesel.” The following day, Trump claimed on social media that “Europe has agreed to release the vast quantities of diesel it has stockpiled.”
[email protected] Park Jong-won Reporter