US President Donald Trump said he may ask European countries to share a portion of their diesel reserves while he considers banning exports of the fuel from the US amid a global shortage. The remarks came after US Treasury Secretary Scott Bessent urged Europe to immediately prepare and release part of its stockpiles so that American farmers, lorry drivers and businesses are not left alone with this “burden”, the BBC reports.
On Thursday, the UK energy minister held talks with European partners about a potential release of diesel reserves if the US bans exports. The US is a vital supplier of diesel worldwide, accounting for between 1.2 million and 1.5 million barrels a day.
Sources familiar with the discussions told journalists that European states are seeking to prepare a co-ordinated response.
“Our supply is diversified and resilient. We continue to engage with international partners and the UK fuel industry,” a government spokesperson said.
The UK government stressed that there is no reason for concern about a possible diesel shortage, although further price rises are expected.
Experts believe that a US ban on diesel exports would put even greater pressure on pricing in other countries. Trump has previously said he is seriously considering the move.
Meanwhile, diesel prices in the UK hit a record this week, with a litre trading at almost 200 pence (119.3 hryvnias).
Petrol and diesel prices worldwide have surged since the start of the US and Israel’s war against Iran in February. The closure of the strategically vital Strait of Hormuz, through which around a fifth of the world’s oil and gas is usually transported, has pushed up the prices of petroleum products.
An export ban by Russia, also a major diesel supplier, has added to the pressure on prices. Trump blames the crisis on Ukrainian strikes on oil refineries in Russia, which it carries out in response to attacks on its energy infrastructure.