BRUSSELS — The G7 club of rich countries are preparing to convene later today to explore whether to release further diesel reserves to bring down fuel prices. Four people familiar with the matter confirmed the plan to POLITICO. The meeting will take place after the U.S. pressured European countries to act on their reserves or face an export ban.
The meeting of the Group of Seven, which includes France, Germany, Italy, the U.K., the U.S., Canada and Japan, will come on Friday afternoon amid growing concern over rising diesel costs that have triggered a pressure campaign by Washington. The exact timing of the meeting remains unclear. A government official said British Foreign Secretary Ed Miliband will be joining the call for the U.K.
At emergency talks on Friday, Paris floated releasing 50 million barrels of diesel and 50 million barrels of crude oil, in response to a U.S. demand to French President Emmanuel Macron Thursday to release 100 million barrels of diesel over an 180-day period. The Elysée said in a statement today that France planned to host a meeting on a possible fuel release "as soon as possible."
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