EU countries to accelerate release of 42.6 million barrels from strategic oil reserves

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 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 strengthen diesel supplies.

Speaking to reporters after the meeting, Jorgensen said the relevant member states had reaffirmed their commitment to releasing 42.6 million barrels from strategic stockpiles, including 20.5 million barrels of diesel.

Twelve European countries, 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 average retail diesel price in the EU stood at around 2.15 euros per liter on October 26, roughly 35 percent higher than in 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.

According to CCTV+, ongoing tensions in the Middle East continue to put pressure on global energy markets. In its October Oil Market Report, the IEA said prolonged disruptions to supplies from the Middle East and Russia were contributing to declining diesel inventories, while prices in Europe and other regions remained elevated.