Next G7 diesel release may not add new stock
France and Germany plan to release diesel stocks already committed in March under a broader European oil-products pledge, Politico reported on Wednesday, citing two diplomats familiar with the matter.
The G7 agreed last week to release a "substantial" amount of diesel within 20 days after the Trump administration threatened potential US export restrictions if Europe did not unlock reserves. However, countries recognized in a closed-door meeting today that the releases would not add any new barrels to the market but would draw on stocks already pledged under a commitment with the IEA in March.
The outlet added that Germany has so far released 600,000 tons of the 2.65 million tons of oil, diesel, and jet fuel it committed to. France has indicated it has about 8 million barrels remaining from its March pledge, which it plans to contribute to the latest effort.
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