In brief
European Union energy ministers in Luxembourg committed to accelerating the release of 42.6 million barrels of strategic oil reserves, with the move aimed at easing the high diesel price burden on consumers. The plan, announced on Thursday, will see most of the release by the end of January 2027 and follows earlier 400‑million‑barrel IEA emergency release. EU Commissioner Dan Jorgensen warned of affordability challenges for households amid elevated diesel prices.
European Union energy ministers announced Thursday that member states would accelerate the release of 42.6 million barrels of strategic oil reserves, nearly half of which will be diesel, in a bid to stabilise prices before the winter months.
The announcement followed a meeting in Luxembourg, where ministers discussed energy security and measures to relieve pressure on the diesel market. The pledge was confirmed by EU Commissioner for Energy and Housing Dan Jorgensen, who noted that while supply security was not expected to be jeopardised, the situation remained challenging for consumers coping with high energy bills.
Jorgensen highlighted that the EU’s average retail diesel price stood at roughly 2.15 euros per litre on Oct. 26, up about 35 percent from late February. He warned that any further difficulties could make energy increasingly unaffordable for many households.
In a statement accompanying the announcement, the twelve EU countries that include France, Germany and Italy said they would release the oil from strategic reserves by the end of January 2027.
