Italy to Convene Oil Refiners as it Seeks to Boost Fuels Output Alberto Brambilla The Italian government will meet its oil refining industry next month to discuss a boost in production as concern grows that surging prices for diesel and other fuels could stoke inflation. The meeting scheduled for Oct. 8 is the latest sign that the provision of oil products is reaching the top levels of government in Europe. France’s President and the Bank of England’s Governor are among those to weigh in on the topic.

Europe has been hit by a shock loss in fuel imports this year, having reduced its own production capacity in recent years. The market for diesel is currently on tenterhooks amid talk of a cut in US supply in a market that’s already lost volumes from the Middle East and Russia. Italy has tax cuts on diesel in place through early October to help cut costs for consumers.

The meeting “will focus on analyzing key issues regarding how domestic refineries can increase the output of major products to mitigate the impact of the current international situation on the country’s supply,” the industry ministry said. Italy’s Eni Sp A, one of the invitees to the meeting, is among European refiners which have closed refineries in recent years. It has been working to convert its Livorno plant to biofuels, having already adapted facilities in Gela and Venice to that business.

It said in July storage levels for oil products were very low as it postponed work on a refinery to keep the plant running. In addition to Eni, Industry Minister Adolfo Urso and Energy Minister Gilberto Pichetto Fratin have invited Vitol Group’s Saras, as well as Algeria’s Sonatrach, Azerbaijan’s Socar and Ludoil. French President Emmanuel Macron called on the European Union this week to look at relaxing the rules governing fuel quality so that the bloc’s oil refineries can produce up to 20% more of the products.

The Group of Seven may look at releasing strategic oil-product stockpiles in the coming weeks, Macron said last week.