Trump says Europe is rapidly releasing large reserves of oil

The President of the United States, Donald Trump, has stated that European countries have agreed to quickly release part of the strategic petroleum reserve, as oil prices have risen.

Trump said that this action will begin immediately, with the aim of increasing oil supply and reducing pressure on oil prices.

On the other hand, Reuters reported that European Union governments discussed on October 2 a proposal from France regarding the release of 50 million barrels of oil. The plan also stipulates that member countries of the International Energy Agency (IEA) will release 50 million barrels of crude oil.

This comes after strong pressure from Washington, as the Trump administration wants European countries to use their emergency reserves to increase global supply. The United States is also considering restricting oil exports if measures to reduce domestic prices are not taken.

However, the Reuters report indicates that the 50 million barrels are still a proposal under discussion, and not all European countries have officially approved the plan. European Union countries have also debated linking the release of reserves to a commitment from the United States to halt any unilateral ban on oil exports.

The market has already reacted to this news, with oil and gasoline prices in Europe falling after it was revealed that additional reserves could be brought to market.