Business · Energy & Commodities · 47 mins ago
11 EU countries to release 42.6 million barrels from reserves by January
Eleven EU countries will release 42.6 million barrels of oil from strategic reserves by the end of January 2027.
The plan includes 20.5 million barrels of diesel and involves France, Germany, Italy and eight other EU countries.
Lithuania supports the plan but did not sign the joint pledge.
The release follows a G7 agreement to put up to 100 million barrels of crude oil and diesel from reserves on the market in response to rising energy prices.
The EU says the move is meant to help steady diesel markets before winter, as fuel costs have climbed amid the war in Iran.
The bloc says it does not expect supply shortages, though it recognizes that high bills are a serious burden for households.
The countries will report on progress in December for a further review by EU energy ministers.
Eleven EU countries pledged to release 42.6 million barrels of oil from strategic reserves by the end of January 2027.
The release includes 20.5 million barrels of diesel and is intended to help stabilize fuel markets ahead of winter.
The countries said the pledge follows a G7 agreement to release up to 100 million barrels of diesel and crude oil.
Lithuania supported the initiative but, according to Le Monde, did not sign the joint pledge; ANSA lists Lithuania among the signatories.
EU energy commissioner Dan Jorgensen said the EU did not expect a security-of-supply problem but recognized the effect of high prices on households.
- Who
- Eleven EU countries, including France, Germany and Italy, pledged to release oil. Lithuania also supported the initiative.
- What
- They will release 42.6 million barrels from strategic reserves, including 20.5 million barrels of diesel.
- When
- The pledge was announced on October 29, 2026. The release is due by the end of January 2027.
- Where
- The oil will come from the participating countries’ strategic reserves and be put on the market.
- Why
- The release is intended to help stabilize fuel markets ahead of winter amid high energy prices.
This story does not have two clearly opposing sides.
The G7, under French leadership, agreed to release up to 100 million barrels of diesel and crude oil, according to ANSA.
Eleven EU countries announced a coordinated release of 42.6 million barrels from strategic reserves.
The signatories said they would report on progress for further review at the EU Energy Council.
The pledged release is due to be completed.
- Total release
- 42.6 million barrels
- Diesel included
- 20.5 million barrels
- Countries pledging
- 11 EU countries, according to Le Monde
- Support without signing
- Lithuania, according to Le Monde
- Release deadline
- End of January 2027
4 sources
EU-landen brengen 42,6 miljoen vaten olie uit reserves op markt
11 EU countries vow to release 42.6 million barrels of oil after G7 pledge
Dai Paesi Ue rilascio di oltre 42 milioni di barili entro fine gennaio
What people are saying
EU member states have reaffirmed their commitment to an accelerated release of 42.6 million barrels from strategic reserves over the next months, and around half of this will be diesel
We do not expect the security of supply issue as such. But for the citizens that are struggling to pay the bills, that might not matter