France is set to present a plan to release emergency oil stocks following US pressure, with Paris considering a combined release of crude oil and diesel. President Emmanuel Macron will hold a G7 call on Friday.
France is considering releasing emergency oil stocks to ease soaring diesel prices and address supply concerns, according to three EU diplomats.
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The idea was floated at a meeting between the European Commission and EU countries on Friday morning, shortly after French President Emmanuel Macron spoke with US President Donald Trump about the global energy situation.
According to the diplomats, France has not yet made a formal proposal but suggested releasing 50 million barrels of diesel alongside another 50 million barrels of crude oil from the International Energy Agency's (IEA) emergency stocks.
"The US demanded 100 million barrels, but the EU is not accepting, and France proposed the 50 + 50 formula," one EU diplomat told Euronews.
The US has been pressing European countries to release more strategic oil reserves as Washington seeks to contain rising fuel prices ahead of November's midterm elections, with the Trump administration also considering a diesel export ban.
The US energy secretary previously suggested the EU release 120 million barrels from its stockpiles over three months as an alternative to a dramatic US diesel export ban.
Macron has previously described a potential US diesel export ban as "catastrophic", with France among the countries expected to be most affected.
Brent crude prices rose above $100 a barrel on 1 October, driven by the deployment of a third US aircraft carrier to the Middle East and China's suspension of fuel exports.
Following Friday's energy meeting, the European Commission said the EU was "ready for collective action", while stressing that the IEA would be responsible for organising any potential stock release.
The proposed split between diesel and crude is significant because diesel can reach consumers more quickly, while crude would first need to be refined into fuel.
Any release would also require coordination among countries participating in the IEA's emergency stock system.
A G7 leaders' videoconference will take place on Friday afternoon, with France currently holding the group's presidency.
"The aim is to coordinate measures to help ease price pressures and guarantee supplies of crude oil and refined products — both among G7 nations and globally," the Elysée said.