United States President Donald Trump has said he may ask European countries to release some of their diesel reserves as his administration considers restricting US diesel exports.
The move comes as diesel prices hit record highs in the UK amid disruptions to global fuel supplies linked to the ongoing Iran war.
The UK relies heavily on imported diesel, with more than half of its supply coming from abroad. About 31 per cent of its diesel imports come from the US.
Trump has argued that keeping more diesel in the US could help lower prices for American drivers, truckers and businesses ahead of the November midterm elections.
Asked on Thursday whether he would ask European countries to release some of their diesel reserves, Trump said, “We may do that. They have some diesel.”
US Treasury Secretary Scott Bessent had earlier urged European countries to prepare to release their diesel stocks, arguing that American farmers, truckers and businesses should not bear the full impact of rising fuel prices.
The UK has been discussing the potential US export restrictions with the European Union, with European officials due to meet on Friday to discuss the situation.
UK Energy Minister Martin McCluskey also held talks with European counterparts on Thursday.
A UK government spokesperson said the country has a “diverse and resilient supply” and continues to work with international partners and the fuel industry.
The government has also said there is no immediate cause for concern over diesel shortages, although prices could rise further.
The RAC said the average UK diesel price reached a record 199.79 pence per litre, up from 142.38 pence a year earlier.
The US is a major global diesel supplier, exporting between 1.2 million and 1.5 million barrels per day, with much of the supply going to Latin America.
European countries, including the UK, France and the Netherlands, have also increased their reliance on US diesel following reduced supplies from Russia and the Middle East.
Russia’s invasion of Ukraine led to sanctions that disrupted its traditional fuel exports to Europe, while Ukrainian attacks on Russian refineries have further affected supplies.
The ongoing conflict involving Iran has also disrupted crude oil and refined fuel flows from the Middle East.
Experts have warned that while a US export ban could increase domestic supply and potentially reduce American pump prices, it could push diesel prices higher in other countries.
David Fyfe, chief economist at Argus Media, said cutting off US diesel supplies would likely cause international prices to rise sharply.
The European Union holds nearly 109 million tonnes of emergency crude and fuel stocks, with about one-third consisting of diesel and related products.
The International Energy Agency requires member countries, including the UK, to maintain oil stocks equivalent to at least 90 days of net imports.
The diesel market is particularly sensitive to supply disruptions because the fuel is widely used by the transport, haulage and agricultural sectors, making demand difficult to reduce quickly.
