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EU plans to free oil reserves

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The EU talks about more oil. France has a good plan. The EU countries shall free 50 million barrels of oil. One barrel is 159 liters. The energy group shall sell oil too. The goal is a low price for fuel.

The USA push Europe now. The president wants low prices in his land. He threats with a ban to sell oil. The EU countries want a rule for this. The USA must promise no ban. A ban hurts Europe very much.

The prices for fuel are very high. Wars in Iran and Ukraine are the cause. The markets react to this news fast. The prices in Frankfurt drop a bit now. The G7 countries talk about this topic. The EU countries must have oil for 90 days.

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Definitions

Barrel
A barrel is a measure for oil. It is 159 liters.
Ban
A rule to stop selling goods to other lands.
G7 countries
A group of seven rich lands in the world.

People

President
The leader of the USA.

Locations

EU
A group of lands in Europe.
USA
A land in North America.
Frankfurt
A city in Germany.

Sources

Logo FAZ
FAZ

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