Macron
Macron urges major powers to act on diesel shortage
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- France is seeking greater coordination with its European partners on diesel supplies and strategic reserves.
French President Emmanuel Macron on Friday called on major powers to coordinate efforts to address rising fuel prices and shortages of refined petroleum products, while opposing restrictions on exports.
The Élysée Palace said Macron emphasized the need for Group of Seven countries to work together to ensure supplies of refined products without imposing export restrictions.
Macron also plans to convene a meeting of G7 leaders to discuss measures to ease pressure on global fuel markets, including coordination on the release of strategic reserves.
The move comes as European countries face pressure from Washington to release emergency diesel reserves. EU governments discussed a French proposal on Friday to release additional diesel stocks, while also considering broader measures to increase fuel supplies.
The United States has also raised the possibility of restricting diesel exports, prompting concern among European officials about the potential impact on fuel supplies and prices.
Diesel shortage
The push comes as global diesel markets face a supply squeeze caused largely by disruptions to refining and fuel shipments rather than a simple lack of crude oil. Refinery capacity and output have been hit in the Middle East and Russia, while disruptions to shipping have reduced the flow of refined products to international markets.
Although crude oil flows through the Middle East have recovered significantly, shipments of refined products such as diesel remain well below pre-war levels. Analysts cited by Reuters said the shortage of refining capacity and output has become a bigger constraint on the market than crude availability.
China has added to the pressure by suspending some fuel exports for October as Beijing seeks to preserve domestic stocks, further limiting supplies available to international buyers.
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