What happened
European nations have agreed to release 100 million barrels of oil and diesel from their emergency stockpiles to help lower global fuel prices. The decision comes after pressure from the Trump administration, which has been seeking ways to reduce fuel costs. The International Energy Agency will coordinate the release of petroleum products over the next four months, with a substantial amount of diesel to be released within the first 20 days.
The move is expected to ease the consideration of imposing an export ban on diesel, which would further tighten global supplies and raise prices. The White House has also been weighing alternative measures to bring fuel prices down, including an executive order that could be announced as early as next week.
International and domestic oil prices fell on the news of Europe tapping its reserves, with Brent crude down by 0.04% and West Texas Intermediate falling 1.76%. The release of oil and diesel from Europe's stockpile is seen as a beneficial step for the world, according to the IEA executive director.
