France's finance minister said on Thursday Europe will release 42 mln barrels of
oil into markets over the next three months to help curb energy prices, with
roughly half the volume in diesel. He said 10 mln barrels of diesel that France
announced last month will hit markets within days, with price effects possible
as soon as next week; the supply will be sold at cost and is expected to lower
diesel by about 12–18 euro cents per litre. The G7 agreed last month to release
up to 100 mln barrels; under IEA coordination 400 mln barrels were released in
March. He said diesel is "at the core of the challenge" and Europe retains the
option to release further strategic reserves.
