Oil prices fell by about $2 on Friday, after European leaders approved a French plan to release additional quantities of diesel stocks. The decision came in response to the request of US President Donald Trump, who had previously hinted at the possibility of imposing restrictions on US diesel exports.

Published on: 02/10/2026 - 21:36

Oil prices fell by about $2 on Friday, after European leaders approved a plan to withdraw additional quantities of diesel reserves, in response to the request of US President Donald Trump, in an effort to reduce fuel prices and reduce the need to import it from the United States.

Brent crude fell $1.80, or 1.76 percent, to $100.50 per barrel by 16:49 GMT. US West Texas Intermediate crude fell $2.2, or 2.18 percent, recording $90.85 per barrel.

The two crude oil prices are heading to record weekly losses, with Brent declining by about 2.84 percent since the beginning of the week and West Texas Intermediate crude by about 1.54 percent.

An informed source revealed that European Union countries supported a French proposal to release additional quantities of diesel stocks.

'A huge amount of diesel'

Trump said in a post on his “Truth Social” platform that Europe “just agreed to withdraw a massive amount of its large diesel stocks.”

Read also: What is behind France’s intention to “protect” the Saudi port of Yanbu?

The US President had previously hinted at the possibility of imposing restrictions on US diesel exports.

Phil Flynn, chief analyst at Price Futures Group, said that Europe would be one of the most affected regions if Washington imposed a ban on diesel exports.

A French proposal to move stocks

According to three informed sources, European Union governments moved after examining a French proposal calling on member states in the bloc to withdraw 50 million barrels of diesel, while member states of the International Energy Agency are moving forward to withdraw a similar amount of crude oil.

Two of the sources explained that the French proposal includes Europe withdrawing part of the diesel quantities over a period of 20 days.

In Paris, the Elysee Palace announced that French President Emmanuel Macron chaired a video meeting with the leaders of the Group of Seven. While it is not clear whether the countries of the group have agreed to the French proposal regarding the size of the quantities of fuel to be withdrawn from reserves.

France 24/Reuters

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