In brief
European Union member states announced a planned release of 42.6 million barrels of strategic oil reserves, nearly half of which will be diesel, to curb rising fuel costs ahead of the winter. Energy ministers met in Luxembourg to discuss the strategy, while European Commissioner Dan Jorgensen warned of affordability concerns. The EU also confirmed that twelve key countries will complete the release by the end of January 2027.
European Union member states announced today that they will accelerate the release of 42.6 million barrels of strategic oil reserves, nearly half of which will be diesel, in a move designed to stabilise fuel prices ahead of the winter. The decision follows a meeting of energy ministers held in Luxembourg on 29 October and was reported by Xinhua.
During the two‑day gathering, ministers from all 27 EU countries reviewed strategies for maintaining energy security as winter temperatures rise. The bulk of the release will come from the continent’s strategic petroleum refinery and storage network, according to the European Commission’s Weekly Oil Bulletin.
European Commissioner for Energy and Housing Dan Jorgensen addressed the press after the meeting. He warned that, despite no immediate supply shortages, the EU faced a "difficult winter" and that many citizens would struggle with higher energy bills. In his statement, Jorgensen highlighted that the average retail diesel price across the EU stood at around 2.15 euros per liter on 26 October—about a 35 percent increase from late February and far above pre‑conflict levels.
"The EU is confronting a challenging winter, with diesel prices remaining elevated," Jorgensen said. "While our energy supply security remains intact, many people continue to feel the weight of these costs."
The release plan, as outlined by the European Commission, involves 42.6 million barrels spread over the coming months. Roughly 50 percent of that quantity—approximately 21 million barrels—will be diesel, the fuel most used for transportation and heating in the EU. The remaining barrels will include crude oil and other petroleum products that can be re‑refined into diesel, gasoline, or jet fuel.
Earlier in the year, the International Energy Agency (IEA) agreed to release 400 million barrels of emergency oil from global strategic reserves in response to disruptions caused by the Middle‑East conflict. However, the IEA noted that diesel markets remained tight, with prolonged shortages from the Middle East and Russia contributing to low inventories. In this context, the EU’s own resupply initiative aims to offset ongoing supply pressures and prevent a further climb in diesel prices.
In a separate statement released later that day, twelve member states—including France, Germany and Italy—confirmed that they would release their portion of the strategic reserves by the end of January 2027. This commitment aligns with the broader EU directive and adds a clear timeline to the recycling of critical fuel stockpiles.
