From POLITICO · · 1m 20s
G7 prepares emergency diesel talks
Rich nations to meet Friday on releasing oil reserves after US pressure over rising fuel costs.
In brief
Rich nations to meet Friday on releasing oil reserves after US pressure over rising fuel costs. The G7 will hold emergency talks Friday to discuss releasing diesel reserves in response to US pressure and rising fuel prices. Originally reported by POLITICO.
G7 calls emergency meeting
The Group of Seven will convene Friday afternoon to discuss releasing diesel reserves to lower fuel prices. Four people familiar with the plan confirmed it to POLITICO.
US threatens export ban
The meeting follows US pressure on European countries to release reserves or face an export ban. Washington has launched a pressure campaign over rising diesel costs.
Seven nations at the table
The Group of Seven includes France, Germany, Italy, the U.K., the U.S., Canada and Japan. British Foreign Secretary Ed Miliband will join the call for the U.K.
US demands 100 million barrels
The US demanded French President Emmanuel Macron release 100 million barrels of diesel over a one hundred eighty day period. The demand was made Thursday.
France offers smaller release
At Friday emergency talks, Paris floated releasing fifty million barrels of diesel and fifty million barrels of crude oil in response to the US demand.
France to host fuel meeting
The Elysée said France planned to host a meeting on a possible fuel release as soon as possible. The exact timing of Friday's G7 call remains unclear.
What it means
The G7 will hold emergency talks Friday to discuss releasing diesel reserves in response to US pressure and rising fuel prices.
