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Ministers discuss drawing down EU countries’ reserves after Donald Trump threatens to cut off US supplies
Britain in talks with European allies over release of emergency diesel stockpiles Ministers discuss drawing down EU countries’ reserves after Donald Trump threatens to cut off US supplies Britain is in talks with European allies over releasing emergency diesel stockpiles after Donald Trump threatened to cut off US supplies of the fuel.
Ministers held calls with counterparts from the European Commission, Germany, France, Italy and Ireland on Thursday to discuss whether to draw down reserves after thetold Germany and France to release their stockpiles to help ease soaring global energy prices or face a US export ban. A US official told the news agency: “It is in Europe’s best interest to work with the United States as we pursue multiple pathways to boost the supply of refined products and lower costs for consumers.
” Martin McCluskey, the UK minister for local energy, was reportedly on the call with EU countries on Thursday. The Trump administration has been frustrated with France and Germany for what it considers their not following through on commitments to release oil and petrol stocks. Fuel stations across Europe are unlikely to run dry, because Europe produces about 70% of the diesel it consumes from domestic refineries. It also stores fuels in reserve.
But experts fear that competing for cargoes on the global market would lead to higher market prices. It was unclear whether the UK would be included in such a ban, but the loss of US supply would drive prices up sharply at the pumps because the UK does not refine enough diesel to meet domestic demand. About a third of UK diesel imports last year came from the US.
John Healey, the chancellor, admitted earlier this week that UK diesel prices were “extreme” and said the government was in discussion with the US over trying to stop a ban. The US war in Iran has disrupted energy supplies via the strait of Hormuz and sent the price of oil soaring. Before the war, in February, Brent crude – the international benchmark for oil prices – traded at about $72 a barrel.
It was above $101 on Thursday.which need to balance the need to bring down domestic fuel prices with keeping high stocks for a potential worsening energy crisis over the winter if the Iran war continues.
“The UK continues to need fuels – from transport to chemicals, agriculture and defence,” said Elizabeth de Jong, the chief executive of the trade group Fuels Industry UK. The latest US threat showed the UK “cannot solely rely on overseas production for domestic energy security”, she added. The US energy secretary, Chris Wright, said on Wednesday that the US administration expected announcements from Europe soon regarding new diesel supplies.
“We’ve lost some diesel exports from the Middle East, although we’re restoring those, and we’ve lost diesel exports from China,” he said. “So that’s a lot of interruptions. ”Trump has said he was “very seriously” considering a US diesel export ban to try to curb soaring prices, and has urged Ukraine’s president, Volodymyr Zelenskyy, toover concerns that they could further push up prices.
Russia had already extended its ban on diesel exports until the end of October after Ukrainian attacks on refining companies. A government spokesperson said: “We have a diverse and resilient supply. We continue to engage with our international partners and the UK fuel industry.
”EU says Trump’s plan to ban US diesel exports would ‘negatively impact both sides’UK petrol prices hit highest level in almost four years as bank holiday getaway loomsUK petrol price hits Iran war high, adding to pressure on householdsFuel-price protests cause chaos in Ireland and spread to Norway
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