Ace Breaking News – European countries are in “crisis talks” over the release of diesel stocks, as the US threatens them with a diesel export ban unless they release strategic reserves, according to the Financial Times by Ian Johnston, Henry Foy and Anne-Sylvaine Chassany, Financial Times

The newspaper explains that US president Donald Trump is under pressure to “lower prices at the pump” ahead of midterm elections. It notes that there has been a “lobbying campaign” by the US oil industry to urge Europe to release diesel stocks, due to concerns that “a diesel ban would undermine its efforts to promote the US as a reliable energy exporter” – and may even raise prices. 

Politico reports that, under the proposal circulated to officials, EU governments would release 120m barrels of diesel from their national strategic reserves over 180 days – accounting for “well over a third” of their reserves. 

In a frontpage story, the Times says the UK has joined talks with EU allies to discuss the “Trump ultimatum”. The newspaper says the group is “pushing back against the demand” due to fears that “complying could leave the continent dangerously exposed if the crisis in the Gulf flares up over the winter”.

The Guardian notes that others participating in the emergency call were the European Commission, Germany, France, Italy and Ireland.

In another frontpage story, the Daily Telegraph reports that the Trump administration is “frustrated with France and Germany, believing they have not met earlier pledges to release emergency oil and petrol supplies”. Reuters reports that US energy secretary Chris Wright told Fox News ‌that he was “highly confident” Europe could help ease soaring global fuel prices by drawing down emergency diesel.

The New York Times reports that the Trump administration’s threat has “set off global alarms”, noting that, besides Europe, the US is a top supplier to many countries including Mexico and Canada.

Meanwhile, the Guardian reports that oil supplies from the strait of Hormuz have “largely returned to levels seen before the outbreak of the Iran war”, noting that 40% of the region’s crude is now transported without transiting the strait. However, Foreign Policy notes that “what is not leaving the strait…are refined products such as gasoline and diesel”, meaning “little relief at the pump for consumers in the US or Europe”.

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