Macron Calls for Another Emergency Oil Release as Europe Loses Supply
Macron Calls for Another Emergency Oil Release as Europe Loses Supply Iran’s proposed anti-infiltration law is… Julianne Geiger is a veteran energy journalist and market analyst with more than a decade of experience covering the global oil and gas sector.
Her… French President Emmanuel Macron is calling the G7 back to the table to discuss another release of emergency oil stocks asEurope loses Saudicrude deliveries and diesel prices push deeper into record territory.
Macron said Friday that he will convene G7 countries in the coming weeks to coordinate stock levels, exports and production capacity and consider tapping strategic reserves.
France is also working to secure diesel, jet fuel and natural gas supplies for the coming months.
Strategic Petroleum Reserve, European emergency stocks contain large volumes of finished fuels, including gasoline and diesel.
Europe’s diesel benchmark rose to more than $200 per barrel this week, with taxes pushing retail-equivalent costs above $300.
Russia has extended restrictions on diesel exports, and Middle Eastern product exports are still constrained.
Saudi Arabia added another problem Friday when Aramco told at least two European refiners they will receive no crude under term contracts in October following the attack on its East-West pipeline.
The company is trying to restore partial pipeline capacity within days, with full recovery reportedly taking about six weeks.
Aramco has found another route for roughly 60 million barrels through the Persian Gulf and ship-to-ship transfers near Oman.
Most of those barrels are headed to Asian refiners.
Europe is buying replacement crude from the North Sea and elsewhere instead.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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