The French government has been examining the release of part of its strategic oil and gas reserves in an emergency meeting held on Friday in Brussels. This decision comes in response to U.S. government pressures on European countries to supply their reserves to the market.
Proposal to Release Reserves
The French government has proposed that European Union countries release 50 million barrels of crude oil and 50 million barrels of diesel. This proposal is still under technical evaluation and may undergo changes. This decision follows a request from Chris Wright, the U.S. Secretary of Energy, to release 120 million barrels from the oil reserves of European countries in the next three months to reduce diesel prices.
Read more: European countries respond jointly to U.S. pressures regarding diesel
France and U.S. Dialogue
The Élysée Palace has announced that Emmanuel Macron, the President of France, spoke with Donald Trump, the President of the United States, last night. During this conversation, the global energy situation and the necessity of securing refined products globally were discussed. France, which holds the rotating presidency of the Group of Seven (G7), intends to hold a video meeting with the leaders of this group as soon as possible to coordinate necessary actions to alleviate price pressures.
Germany's Position and Other European Countries
However, the German government has shown reluctance to release its oil reserves in this meeting. German officials and some other countries believe that they should only release their reserves under real security supply conditions. Germany and France have the largest oil and petroleum product reserves in Europe, and according to official statistics, these two countries are recognized as the largest holders of reserves.
The German government, according to sources, does not want to act as a pawn in this game and will only release its reserves if there are real reasons for security supply. Meanwhile, the United States has expressed dissatisfaction with some European countries' non-compliance with their commitments to supply 400 million barrels of oil that was agreed upon earlier this year following crises caused by the war in Iran and the closure of the Strait of Hormuz.
Criticism of France and Germany
Some European representatives also criticized France and Germany during the meeting on Friday, urging them to release significant oil reserves to the market. These criticisms reflect the willingness of European countries to respond to U.S. pressures while also seeking to reduce tensions in relations with the United States.
Ultimately, these developments may lead to changes in the global energy market and affect prices. It remains to be seen whether European countries will respond to these pressures and what actions will be taken in this regard.
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