EU Agrees to Release 100 Million Barrels of Oil
European Union officials agreed to release 100 million barrels of oil and diesel stocks to fulfill existing G7 commitments and lower record-high fuel prices.
The European Union and the International Energy Agency met Wednesday to coordinate the release of 100 million barrels of oil and diesel stocks. This action follows a Group of 7 agreement reached last week after U.S. President Donald Trump threatened to ban U.S. diesel exports if European nations did not increase market supply. Global diesel prices have reached record highs due to refinery damage and supply disruptions caused by wars in Iran and Ukraine.
EU member state officials reached a broad agreement that this release will fulfill existing commitments rather than requiring new volumes. The officials stated that any further release should remain within the limits previously agreed upon in March, during a record 400-million-barrel release of which 325 million barrels have already been deployed. Some EU countries have requested that the International Energy Agency conduct an impact assessment of the release.
Polish Energy Minister Milosz Motyka expressed readiness to release stocks once a consensus is reached, though a final decision is not expected until an International Energy Agency board meeting on October 14-15. Germany's economy ministry confirmed it is currently working on approvals to release the volumes determined in March.
