France is seeking Gulf diesel supplies that could cover just over 10% of its monthly demand, an effort to ease fuel pressure as disrupted shipping exposes its dependence on imports.
Figures the Élysée gave reporters on Oct. 20 put the potential total at 295,000 metric tons a month. The United Arab Emirates has pledged about 100,000 metric tons a month, while Saudi Arabia previously committed 95,000 metric tons a month for October and November. President Emmanuel Macron was expected to seek another 100,000 metric tons a month during his stop in Bahrain.
The Bahrain volume was still a target for Macron’s visit in the Élysée’s account. Shipment dates and the duration of the UAE and Bahrain supplies have not been confirmed.
A March French government report said imports met half of France’s diesel demand before the Middle East crisis. The government linked pressure on fuel supplies to disrupted shipping through the Strait of Hormuz and identified farmers, fishers and transport companies among businesses facing higher fuel costs.
The International Energy Agency said Oct. 15 that diesel faced particular pressure in a tight oil market. It said flows of refined fuels were still severely constrained even after Middle Eastern crude exports had recovered. Group of Seven leaders called Oct. 2 for talks with countries that have substantial refining capacity to increase production of fuels, particularly diesel.
Separately, France plans to draw 10 million barrels of diesel from strategic reserves. The economy ministry estimated that the stock release could lower pump prices by €0.12 to €0.18 per liter over three months. The Élysée gave no estimate of the Gulf supplies’ effect on prices.
TotalEnergies said its plan to pass on the benefit of strategic-stock releases at its French stations would run from Nov. 1 through Jan. 31.
