European Union member states announced on Thursday that they would accelerate the release of 42.6 million barrels of strategic oil reserve stocks, about half of which are diesel, in a move designed to curb rising fuel prices ahead of winter.
The decision was made at an energy‑ministers meeting in Luxembourg on Oct. 29, where the European Commissioner for Energy and Housing, Dan Jorgensen, confirmed the pledge and warned that an “affordability challenge” could pressure consumers even if energy supply security remained intact.
Jorgensen said “the relevant EU member states had reaffirmed their commitment to accelerating the release of 42.6 million barrels from strategic reserves.” He added that the average retail price of diesel across the EU had risen about 35 percent from late February, standing at roughly 2.15 euros ($2.4) per litre on Oct. 26.
In a statement issued by a coalition of 12 member states, including France, Germany and Italy, the countries said they would complete the release of the oil stock by the end of January 2027. The statement, reported by a news outlet, does not detail how the barrels will be distributed over the months.
Last March, the International Energy Agency agreed to release 400 million barrels of emergency crude in response to supply disruptions caused by the conflict in the Middle East. Even with that drawdown, the IEA’s October Oil Market Report warned that “global diesel markets remain tight,” with continuing disruptions from the Middle East and Russia keeping inventories low.
While the EU Commissioner said he did not expect supply security problems in the short term, the plan signals a readiness to step in should market stresses intensify over the colder months.
