US demands European oil release

US Energy Minister Chris Wright demanded several EU states release 120 million barrels from reserves over three months to counter rising diesel prices and avoid export restrictions.

France proposes compromise offer

France proposed releasing 50 million barrels of crude oil and 50 million barrels of diesel at a Friday meeting of senior European energy officials, responding to US pressure on President Emmanuel Macron.

Germany refuses to participate

Germany hesitated to release any barrels, saying it and other countries do not want to be instrumentalised and will only release reserves for genuine supply security reasons.

“Germany and other countries do not want to be instrumentalised; they want to release their reserves only for genuine reasons of supply security.”

France signals willingness to act

France is very interested in participating and complying with the request, though it remains unclear whether release would be coordinated by the EU or handled bilaterally between countries.

“France is very interested in participating and complying with the request. It is clear that the EU will do something, provided it can agree on something.”

Macron calls G7 meeting

President Emmanuel Macron spoke with US President Donald Trump on Thursday about the global energy situation and will convene a G7 leaders meeting as soon as possible to coordinate measures.

EU frustration over unfulfilled pledges

The US is increasingly frustrated that EU countries have not met commitments to release 400 million barrels agreed to earlier this year after the Iran war outbreak and Strait of Hormuz closure.