European Union governments discussed on Friday, October 2, 2026, a French proposal to draw down 50 million barrels from European diesel inventories, alongside a 50 million-barrel crude oil drawdown by International Energy Agency members, according to two sources familiar with the discussions. The move is aimed at increasing supplies and easing elevated fuel prices under US pressure.
European condition tied to US exports
European countries discussed making any agreement to draw down additional diesel supplies contingent on a US commitment not to impose a unilateral ban on fuel exports, one of the sources said. The administration of US President Donald Trump had asked France and Germany to draw from emergency reserves, while signaling the possibility of a ban on US diesel exports.
One of the sources said the United States had asked major European countries, including France and Germany, to draw down 100 million barrels of diesel over 20 days. Trump is considering a possible export ban to help lower fuel prices in the United States ahead of the midterm elections scheduled for November 3, 2026.
Disruptions put pressure on diesel supplies
Global diesel supplies have come under pressure linked to the war with Iran, as well as a Russian export ban after several Russian refineries were damaged in Ukrainian attacks. Chinese refineries also suspended fuel exports during October to support domestic inventories, according to sources familiar with the matter.
Previous coordinated reserve drawdown
The International Energy Agency, which has 32 members, agreed in March to a coordinated drawdown of 400 million barrels from strategic oil reserves in response to supply disruptions caused by the war with Iran. The new discussions come as France holds the presidency of the Group of Seven.
