But in a closed-door meeting Wednesday, countries acknowledged that the release wouldn’t include new barrels of diesel but rather barrels already pledged under a wider European commitment to release 100 million barrels, two-thirds of which were refined products, the diplomats said. That deal was brokered by the International Energy Agency in March weeks after the outbreak of the war in Iran.
The exact quantities both countries will release remains unclear, but they will represent a portion of the remainder of the stocks committed in March, the diplomats and a German government spokesperson said.
Of the 2.65 million tons of oil, diesel and jet fuel promised, Germany has so far released only 600,000 tons onto the market. It remains unclear how much France has contributed of its own commitment to release 14.6 million barrels of oil products. However, Paris has indicated privately that it still has 8 million barrels left under the March commitment, which it will contribute under the latest push, two other diplomats told POLITICO.
The countries, which boast some of the largest reserves of refined oil products in Europe, have been criticized by the Trump administration for not contributing the full share committed in March. Germany attributes that to weak demand for the barrels, according to a document seen by POLITICO.
It’s not clear whether countries will ultimately decide to commit additional barrels, with one European official telling POLITICO Monday that the fresh commitment “necessarily implied” a fresh release. An extraordinary meeting of the IEA will take place today, two other people familiar with the matter said.
The move came amid confusion from other member countries over who was committing how much and when, with some Eastern European countries like Bulgaria also expressing concern that blowing through reserves to combat prices would leave them exposed in the event of a supply crisis, the people said.
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