Trump Considers US Oil Export Ban Prompting European Reserves Discussion

US President Donald Trump has indicated that the United States is strongly considering a ban on crude oil exports to cushion domestic impacts from rising energy prices. Following this, US Treasury Secretary Scott Bessent and energy officials have urged European allies to release their strategic oil reserves to maintain global supply balance. The UK and European Union member states have held discussions to coordinate a response should Washington proceed with the export restriction. The potential ban poses significant risks to global energy markets, as the US currently exports between 1.2 million and 1.5 million barrels of oil per day. Global oil supplies are already facing severe pressure due to military tensions with Iran, existing sanctions on Russian petroleum, and China's recent reduction of refined product exports to prioritize its internal market.