European nations unite against US pressure over strategic oil stocks

Five European countries have agreed to respond with “one voice” to mounting pressure from the US government to release their oil reserves.

Three European officials told Politico that France, Germany, Britain, Italy, Ireland, and the European Commission participated in talks to determine how to respond to pressure from Washington to draw down their oil reserves or face a ban on US diesel exports.

Two of these sources stated that all of these countries were placed under covert pressure by the US to run down their oil reserves or face a ban on diesel exports from the US.

According to the sources, these countries, together with the EU executive, agreed on three points: responding to the pressure with a “coordinated voice”, ensuring that “any decision on releasing stocks is brought to the IEA [International Energy Agency] level”, and seeking to “de-escalate tension in talks with the US”.

The Paris-based IEA coordinates energy policy among wealthy countries and oversaw the release of oil reserves earlier this year following the closure of the Strait of Hormuz.

One of the sources said the objective was to “de-escalate”:

“Being somewhat firm yet positive in communication… When you are facing a hungry lion, you do not necessarily have to play dirty with it.”

The source added that a wider group of countries, some of which have faced pressure from the Trump administration, would discuss how to react at a meeting scheduled for Friday.

Politico previously reported that US Energy Secretary Chris Wright had demanded the release of oil reserves into the market as an alternative to an export ban on which the EU heavily relies.

As a consequence of the wars in Ukraine and Iran, diesel prices in the US are soaring, placing significant pressure on US President Donald Trump to lower prices ahead of critical midterm elections.

The president is not ruling out an export ban, despite fierce opposition from the US oil industry.

Regarding the export ban, Trump said at an Oval Office event: “I am considering it. I speak to [Energy Secretary] Chris [Wright] and [Interior Secretary] Doug [Burgum] about this often. They think it would help diesel prices, but it could also raise the prices of other products.”