EU holds emergency diesel meeting as US threatens export ban

European Union governments and the European Commission held emergency talks on Friday over releasing diesel reserves, as rising prices and pressure from Washington squeezed fuel markets heading into winter. Officials gathered through a Commission forum that tracks and coordinates responses to energy-security risks, after the United States threatened to ban diesel exports unless European countries freed up more of their own supplies, Euronews reported.

Energy Commissioner Dan Jørgensen did not rule out another emergency release, telling reporters it remained "a possibility." He said Brussels was talking with fellow members of the International Energy Agency, beyond just Washington, about timing, noting that Europe had tapped its reserves before and would probably do so again if needed.

Dublin currently chairs the Council of the EU on a rotating basis, and a government spokesperson confirmed Friday's gathering, describing an extremely tight diesel market that was pushing fuel costs higher for consumers everywhere. The spokesperson for Ireland's Department of Climate, Energy and the Environment said officials were working alongside EU partners and the Commission to weigh possible measures.

US Treasury Secretary Scott Bessent again pressed European governments on Thursday to move faster on existing pledges and free up more diesel without delay. President Donald Trump has floated asking European governments to tap their reserves, and his administration is weighing a three-month halt on US diesel exports in an effort to keep fuel costs down at home before the country's midterm elections in November, FENA reported.

EU Trade Commissioner Maroš Šefčovič said an American export ban would catch Europe off guard and could seriously damage its economy, speaking on the sidelines of a G20 trade ministers' meeting in Milwaukee. He said he had not gone into detail on the issue with US Trade Representative Jamieson Greer but that both sides had agreed to keep in close contact.

Trump and Macron spoke overnight about the state of global energy markets, according to the French presidency, which said the pair found common ground on tackling fuel prices together while avoiding new export curbs. Macron held a separate call with Canada's Mark Carney on the same subject, and the Élysée said the Group of Seven's leaders intend to confer by video link soon to try to align their approach to crude oil and refined-fuel supplies.

Officials from France, Germany, Ireland and the UK joined a call with the Commission on 1 October, a day before Friday's gathering, an EU source said. The Commission said earlier this week that fuel supply across the bloc was holding up for now, even though diesel and jet fuel prices were elevated because of tight conditions on the global market.