French President Emmanuel Macron plans to convene a call with fellow G7 leaders to discuss measures to ease pressure on global crude and refined-product markets, after discussing surging fuel prices with US President Donald Trump, the Elysee Palace said on Friday, as cited by Bloomberg.
Macron has called on G7 countries to coordinate their response to rising fuel prices and ensure the availability of refined products without imposing export restrictions.
The move comes as the US pressures countries to release emergency diesel reserves to increase global supplies and bring down prices, according to AFP.
Washington has also raised the possibility of restricting US diesel exports if European countries do not release additional stocks.
The French president’s office said Macron intends to hold the video call “as soon as possible” to coordinate action on crude oil and refined products.
The G7 comprises the US, Canada, France, Germany, Italy, Japan and the UK.
Macron stressed during his conversation with Trump that G7 countries have a shared interest in acting together and avoiding export restrictions, according to the Elysee.
The Trump administration has pressed France and Germany to draw down emergency diesel inventories to help ease global fuel prices, according to people familiar with the discussions cited by Reuters.
The US has also kept open the possibility of a diesel export ban. Washington’s pressure reflects concern over rising fuel costs in the US, with the administration seeking additional supplies in global markets.
US Treasury Secretary Scott has urged partners to accelerate existing commitments and make additional fuel supplies available, arguing that American consumers and businesses should not bear the burden of a global diesel shortage.
EU governments discussed a French proposal on Friday under which European countries would release 50 million barrels of diesel, while International Energy Agency members would release another 50 million barrels of crude oil, according to Reuters.
European governments also discussed whether any agreement on additional diesel releases should include a US commitment not to impose a unilateral diesel export ban.
France has separately asked its EU partners to make additional diesel supplies available as the bloc weighs a coordinated response to the fuel-price surge.
The current fuel market pressure has been linked to disruptions caused by the war involving Iran, along with attacks on Russian energy infrastructure and reduced availability of refined products from major suppliers.
has also suspended some exports for October as Beijing seeks to preserve domestic stocks, further tightening global refined-fuel markets.
International Energy Agency chief Fatih Birol said earlier this week that European countries had yet to release all the stocks they had previously agreed to put into the market, AFP reported.
Birol said a substantial portion had already been released, but that more crude and refined products remained available for release.
The IEA has also indicated that additional emergency stock releases remain possible if market conditions warrant.
The Trump administration is considering restricting diesel exports as it seeks to bring down domestic fuel prices.
The proposal has drawn concern in because the region depends heavily on imported refined products.
EU trade chief Maros Sefcovic described a possible US diesel export ban as potentially damaging to European economic performance.
EU countries are discussing the French proposal while prepares to convene G7 leaders.
With inputs from agencies.
