EU holds crisis meeting as US pressure mounts to release emergency oil stocks

On Friday, European Union nations and European Commission members are convening talks that may lead to the release of emergency oil reserves, as pressure from the United States intensifies. Energy Commissioner Dan Jørgensen confirmed to Euronews that a fresh emergency release is "a possibility," highlighting the European countries' intention to discuss the possibility of releasing emergency fuel stocks due to soaring diesel prices.

Washington has threatened European allies with an export ban on diesel if they fail to release more supplies, citing the need to safeguard supplies for American farmers, truckers, and businesses. Irish officials, currently holding the EU presidency, have confirmed the emergency meeting, stating that the diesel market is "very tight" and resulting in high worldwide prices.

The talks will also involve the International Energy Agency (IEA), which coordinated collective action in March to assist oil markets following US and Israeli military strikes against Iran and the closure of the Strait of Hormuz. The IEA chief, Fatih Birol, has urged European countries to utilize their diesel stocks, with the reserves having been unused since March's emergency oil release.

French President Emmanuel Macron held overnight conversations with US President Donald Trump to discuss the global energy crisis, emphasizing the need for coordinated action without export restrictions. A G7 videoconference is planned as soon as possible to coordinate measures to alleviate price pressures and guarantee crude oil and refined product supplies both among G7 nations and globally.