The EU dismisses US diesel export ban threat as Iran’s strait closure fuels crisis.
Brussels: (RightNow) The European Union has rejected US President Donald Trump’s threat to ban diesel exports. The EU stated such a ban could damage mutual trust between the US and Europe.
The US administration instructed European countries to release more diesel from their reserves to control global prices. If not, the US might impose a diesel export ban.
A European Commission spokesperson said the EU would not accept any such ban. Meanwhile, European countries have begun consultations with the International Energy Agency (IEA) to resolve the crisis.
France has proposed releasing 50 million barrels of diesel reserves, while IEA member countries could release an additional 50 million barrels of crude oil into the market.
It is noteworthy that Iran has closed the Strait of Hormuz since March due to war threats from the US and Israel, leading to global fuel shortages and price hikes.
