EU ambassadors have been brought into a hastily arranged meeting this afternoon to discuss concerns over a growing energy crisis.
It comes after days of pressure from the US government for Europe to release emergency stocks of diesel.
US President Donald Trump has threatened to ban exports of American diesel to try to manage soaring prices at the pumps.
At a meeting in Dublin earlier this week, the EU’s Energy Commissioner, Dan Jørgensen, said he had made it clear to the Americans that banning diesel exports is “not in the interests of anybody”.
It comes as the International Energy Agency (IEA) warns that Europe is particularly exposed to an energy crisis ahead of winter.
G7 leaders held a video call this afternoon to discuss the crisis.
In the last few minutes, Donald Trump wrote on social media that: “Europe has just agreed to release a massive amount of their heavily stocked Diesel Oil. The process will begin immediately.”
In a statement, the G7 confirmed that:
Major allies – Canada, France, Germany, Italy, Japan, the United Kingdom and the United States – have agreed to a “coordinated release through the IEA of 100 million barrels (MB) to begin immediately over 4 months, including a frontloaded substantial diesel release within the first 20 days by G7 members and partners.”
They have also ruled out a diesel export ban.
The European Commission organised a meeting of its energy taskforce this morning. Ursula von der Leyen’s chief spokesperson pushed back at the suggestion that Europe was being strong armed by Trump.
It’s “since February [the outbreak of the US-Iran conflict] that we’ve been monitoring very closely.”
“Gas prices have risen by 140 percent, the diesel prices have doubled and this is having an impact on the citizens and industry…These meetings that we have been holding have nothing to do with recent indications, threats, whatever you may call them. This is something we have been doing for a long time and for months.”
Speaking ahead of the meeting of EU ambassadors this afternoon, a spokesperson for the Irish Presidency said they were gathering ambassadors to discuss “the global energy situation.”
“The diesel market is currently very tight, leading to high prices for consumers across the world. The Presidency is committed to maintaining close collaboration and coordination with all Member States and the Commission,” the spokesperson said.