G7 to hold emergency talks over possible diesel release
The meeting comes as Trump threatens to ban U.S. diesel exports.
The G7 nations are set to hold an emergency discussion later today regarding the potential release of additional diesel reserves in an effort to alleviate surging fuel prices. Four sources with knowledge of the situation have shared this information with POLITICO. The gathering is scheduled to occur following the pressure exerted by the United States on European countries to utilize their reserves or face an export ban.
The Group of Seven, encompassing France, Germany, Italy, the United Kingdom, the United States, Canada, and Japan, will convene on Friday afternoon amidst mounting apprehension over escalating diesel costs that have incited a lobbying effort by Washington. The precise schedule for the meeting remains undisclosed. A government spokesperson revealed that British Foreign Secretary Ed Miliband will be participating in the call for the United Kingdom.
On Thursday, Paris proposed the release of 50 million barrels of diesel and 50 million barrels of crude oil, in response to a U.S. request to French President Emmanuel Macron to release 100 million barrels of diesel over a 180-day period. According to an Elysée statement, France intends to host a meeting regarding a potential fuel release "as soon as possible."
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