Europe weighs diesel release as China curbs jet fuel exports, US pressure mounts
The US president is urging European nations to tap up to 50 million barrels of diesel from their reserves while China limits exports of diesel, gasoline and jet fuel.1
Oil prices slipped 2% after the news and US diesel prices hit a record $6.50 per gallon, with the United States providing about half of the EU's diesel imports in August; meanwhile ConocoPhillips is evaluating an unsolicited offer for its Norway operations and the Teesside terminal that supports the Greater Ekofisk North Sea fields.1,2