Europe to flood market with huge diesel supplies - Trump
Donald Trump, President of the US (photo: Getty Images)
Europe is set to release huge volumes of diesel onto the market from its significant reserves, according to a statement by US President Donald Trump.
"Europe has just agreed to release a massive amount of their heavily stocked Diesel Oil," he stated.
The US president added that this process would begin immediately.
The UK, France, Germany, Italy, and Ireland, along with the European Commission, previously agreed on a joint response to the US demand to release diesel reserves.
Washington has urged European countries to draw down their fuel reserves, warning that it might otherwise ban exports to Europe.
According to Politico, this involves the release of 120 million barrels of diesel over six months, accounting for more than a third of the EU's total diesel reserves. The US currently supplies more than half of Europe's imports of this fuel.
On October 1, Trump again claimed that the surge in diesel prices was caused by Ukraine's strikes on Russian oil refineries, rather than the conflict in the Middle East.
Over the past few weeks, Trump has repeatedly stated that Ukraine must cease its strikes on Russia, as this allegedly causes a global diesel shortage.
