On 29 October 2026, twelve European Union countries announced that they would release 42.6 million barrels of oil from their strategic reserves. The move is aimed at addressing the energy crisis and stabilising fuel prices.
The released volume consists of half diesel and the remainder gasoline. The decision to include diesel is intended to support the logistics sector and keep diesel prices stable ahead of the winter season.
On the same day, the G7 announced a release of 100 million barrels of oil and gas. The EU’s release follows the G7 action and is part of a broader international effort to ease market pressures.
The EU’s release follows the G7 action and is part of a broader international effort to ease market pressures.
The International Energy Agency had previously urged member countries to accelerate the release of oil reserves before winter. The EU’s decision aligns with that recommendation.
Denys Jensen, a representative involved in the decision, said: "Member countries reaffirmed their commitment to quickly release 42.6 million barrels of oil reserves in the coming months."