On Thursday, EU energy ministers met in Luxembourg and agreed to accelerate the release of 42.6 million barrels of strategic oil reserves, almost half of which will be diesel, to help ease fuel prices before the winter.
European Commissioner for Energy and Housing Dan Jorgensen said the commitment was reaffirmed by member states, many of them still dealing with costly supplies. He warned that the winter could be difficult for consumers struggling to pay energy bills, even though he did not expect a supply shortage.
The EU’s average retail diesel price stood at about 2.15 euros per liter on Oct. 26, up roughly 35 percent from late February. That rise follows supply disruptions linked to the conflict in the Middle East, which also contributed to the European Commission’s decision to draw on reserves.
In a statement released Monday, the 12 countries that make up the EU, including France, Germany and Italy, said they would release the oil by the end of January 2027. The move follows an earlier agreement by the International Energy Agency to release 400 million barrels of emergency oil stocks in March in response to the same tensions.
Both the EU and the IEA say global diesel markets remain tight as continued disruptions from the Middle East and Russia keep inventories low. The strategic release is intended to smooth supply and bring prices down, but the difficulty of making fuels affordable will continue to challenge consumers across the bloc.
