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Europe is buying relief today by drawing down its protection for winter.
???????? France's proposal includes 50 million barrels of diesel — roughly 415,000 barrels a day.
A meaningful boost to supply. But the chart below reveals the trade-off. ????
EU emergency diesel reserves had already fallen to 275 million barrels in June.
Subtract another 50 million, and stocks drop to 225 million barrels — below the 2022 low. ????
More diesel available now.
Less protection if supply tightens this winter.
The immediate pressure eases. The safety margin shrinks.