European Union (EU) member states have pledged to accelerate the release of 42.6 million barrels of strategic oil reserves over the coming months to stabilize the fuel markets, European Commissioner for Energy and Housing Dan Jorgensen said Thursday.
EU energy ministers met in Luxembourg to discuss winter energy security, prices, and measures to shore up diesel supplies.
Speaking to reporters after the meeting, Jorgensen noted that relevant member states reaffirmed their commitment to releasing the 42.6 million barrels, including 20.5 million barrels of diesel, from strategic stockpiles.
Twelve European nations, including Germany, France and Italy, announced in a joint statement that they plan to complete the release by the end of January 2027.
Diesel prices across the EU remain elevated. According to the European Commission's latest Weekly Oil Bulletin, the EU's average retail diesel price stood at around 2.15 euros per liter on Oct. 26, up roughly 35 percent from late February, before the outbreak of the conflict in the Middle East.
In March, members of the International Energy Agency (IEA) agreed to release 400 million barrels of emergency oil stocks in response to supply disruptions caused by the conflict in the Middle East.
Global energy markets remain under pressure amid ongoing tensions in the Middle East. In its October Oil Market Report, the IEA said global diesel markets remained tight, with prolonged disruptions to supplies from the Middle East and Russia contributing to declining inventories, while diesel prices in Europe and other regions remained elevated.
EU countries pledge to release 42.6 mln barrels of strategic oil reserves
