US Energy Secretary Chris Wright is urging oil refineries to limit overseas shipments of diesel to lower the cost of the fuel at domestic pumps. The administration is pursuing these voluntary reductions as an alternative to an outright export ban, while diesel prices average $6.52 per gallon and inventories remain tight. Major refiners have cautioned the White House that such restrictions could force production cuts that would eventually drive gasoline prices higher.

The shift in policy follows anxiety in Brussels, where EU officials have scheduled a meeting for Sept. 29 to evaluate the diesel supply. While shipping analysts expect curbs to lower Atlantic medium-range tanker rates and raise Pacific rates, India has no plans to reduce its own exports. India currently accounts for 10% of global diesel shipments and has overtaken Russia as the largest supplier to the world after the US.