Trump weighs diesel export ban; Macron rallies G7 leaders over surging energy prices — inside transatlantic energy clash

French President Emmanuel Macron plans a G7 leaders’ call on surging fuel prices as the US pressures European allies to release emergency diesel stocks. France has urged coordinated action without export curbs, while EU countries weigh releasing additional diesel and crude reserves.

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 European 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.

Why is Macron calling a G7 meeting?

The French president's office said Macron intends to hold the G7 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 Bessent has urged European 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.

How much diesel could Europe release?

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.

Why are fuel prices rising?

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.

China has also suspended some oil-product exports for October as Beijing seeks to preserve domestic stocks, further tightening global refined-fuel markets.

What has the IEA said?

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.

Why is US considering a diesel export ban?

The Trump administration is considering restricting diesel exports as it seeks to bring down domestic fuel prices.

The proposal has drawn concern in Europe 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 Macron prepares to convene G7 leaders.

With inputs from agencies.

About the Author

Bhanu Pratap is a journalist who reports and writes on foreign affairs, India’s foreign policy, geopolitics and strategic affairs. He closely follows diplomatic developments in New Delhi and has a keen interest in defence and national security.<br> <br> Bhanu also focuses on in-depth, interview-based reports and regularly speaking with experts and policymakers to bring perspectives and context to major developments around the world.<br> <br> He is also interested in stories with strong humanitarian angles.<br><br> One such report examined the cases of Indian nationals who were allegedly recruited and forced into Russia’s war against Ukraine. While reporting the story, Bhanu spoke to the families of those affected and documented their experiences. The report was later taken into account by the United Nations in its findings on human rights violations linked to the war in Ukraine.<br> <br> For Bhanu, the zeal to produce meaningful and impactful journalism remains at the heart of his work.<br> <br>He has previously worked with Firstpost, NDTV, Newslaundry and Republic.<br><br> Bhanu studied at the Delhi School of Journalism, University of Delhi. He initially chose science with plans to pursue engineering, influenced by conventional expectations, but fate had other plans and eventually led him to journalism.<br><br> Beyond the newsroom, Bhanu enjoys exploring culture and history and often spends his days off on heritage walks. He is also passionate about travelling, biking and listening to folk music.<br> <br>For tips, reviews and suggestions, you can reach him at bhanu.pratap@htdigital.in.

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