US pressures Europe over diesel reserves as Trump threatens export ban
Donald Trump says he may ask European countries to release diesel reserves as his administration considers banning US exports amid a global shortage. The move is intended to ease pressure on American drivers and businesses, but could further raise prices in countries that rely on US supplies.
The US exports about 1.2 to 1.5 million barrels of diesel a day. UK diesel averaged a record 199.79p per litre, up from 142.38p, while officials discussed coordinating with European partners; the government says there is no cause for concern about shortages. Higher prices reflect disruption linked to the war in Iran, the closure of the Strait of Hormuz and a Russian export ban, with reports that China has also halted some October fuel exports.
- Trump is weighing a US diesel export ban.
- Europe may be asked to release reserves.
- UK diesel prices reached 199.79p per litre.
New here? Start with this
Diesel is the fuel that powers lorries, buses, agricultural machinery and industrial equipment. A global shortage has pushed prices up significantly, affecting transport and energy costs for both consumers and businesses.
The shortage reflects several disruptions to global supplies. Tensions involving Iran and disruption to shipping routes have reduced available diesel worldwide. Russia has banned fuel exports, and China has also recently limited some fuel exports, compounding the shortage.
The United States is a major exporter of diesel, supplying around 1.2 to 1.5 million barrels daily, particularly to Europe. The Trump administration is considering banning these exports to lower prices for American consumers and businesses. This would further tighten supplies for countries that depend on American diesel and likely push prices up further overseas.