US Treasury chief urges Europe to release emergency oil reserves

European nations have yet to fulfill their commitments to release millions of barrels of crude from emergency stockpiles to tame soaring energy prices, US Treasury Secretary Scott Bessent stated. Writing on X, Bessent emphasized that under President Donald Trump, the United States is meeting its pledge to stabilize global energy markets, urging European allies to expedite their existing commitments and inject additional volumes to resolve ongoing supply disruptions.

He stressed that American farmers, truckers, and enterprises must not bear the brunt of a global diesel deficit. In March, International Energy Agency (IEA) member states agreed to coordinate a 400-million-barrel emergency oil stock release to calm markets amid the military campaign by the US and Israel against Iran, with the US Department of Energy pledging to release 172 million barrels from the Strategic Petroleum Reserve over a 120-day span.