Trump had earlier threatened to ban diesel exports to Europe
Trump announced the move on social media but did not identify the countries involved or say how much fuel they would release.
US President Donald Trump said Friday that European countries have agreed to release diesel reserves immediately, as Washington seeks to ease a global fuel squeeze that has pushed diesel prices to record highs. “Europe has just agreed to release a massive amount of their heavily stocked Diesel Oil,” Trump said. “The process will begin immediately. The announcement came hours after reports that the US had been pressing European countries to release diesel reserves as Washington considers measures to keep more fuel within the US, including a possible restriction on diesel exports. Treasury Secretary Scott Bessent had urged European partners to make additional supplies available immediately, warning that US farmers, truckers and businesses should not be left bearing the cost of higher fuel prices.
The US is a major diesel exporter, shipping about 1.2 million to 1.5 million barrels per day to international markets, meaning restrictions on exports could tighten supplies elsewhere. The International Energy Agency said diesel and gasoil exports from the Gulf and Russia were down by 1.6 million barrels per day in August compared with February. The national average for diesel stood at $6.37 a gallon on Friday, according to AAA, after reaching a record $6.52 on September 22.
Trump has said his administration is considering a diesel export ban “very seriously” as US fuel prices surge. Trump also spoke overnight with French President Emmanuel Macron, who currently chairs the G7, about rising fuel prices and the availability of petroleum products, according to the French Embassy in Washington. The global diesel market has come under pressure from disruptions linked to the war with Iran and the closure of the Strait of Hormuz. Diesel prices have risen sharply in the US. Macron later chaired a videoconference of G7 leaders on the issue.
Because it is widely used by trucks, agricultural machinery, construction equipment, ships and other parts of the economy, diesel is particularly sensitive to supply disruptions. Demand is also relatively difficult to reduce quickly when prices rise. You use AI every day. Now get your AI Quotient. Take the AIQ test.