Follow Al Rai
A spokesperson for the European Commission said on Monday that the G7 countries' decision to withdraw 100 million barrels of diesel and crude oil from emergency reserves will have a positive impact on oil prices in the European Union countries.
The spokesperson added to journalists in Brussels that despite this step, the European Union still seems to be heading for a "very difficult winter" regarding energy prices.
The European Union countries discussed on Friday a French proposal to withdraw additional quantities from diesel stocks, in response to US pressure on European countries to put more supplies on the market to lower rising fuel prices, according to a well-informed source.
The source said that during a phone call, the EU countries discussed a French proposal that European countries withdraw 50 million barrels of diesel, while the member states of the International Energy Agency withdraw 50 million barrels of crude oil.
The source added that the countries believe that any agreement on withdrawing additional quantities from diesel stocks should include a US commitment to avoid imposing a unilateral ban on diesel exports.
The source pointed out that the G7 leaders may have a phone call this afternoon to discuss the next steps and coordinate measures related to energy prices and supplies.
Know more about this story?Send us a tip
Ask about this report — answers stay grounded in its text.
