EU member states have reaffirmed their commitment to an accelerated release of 42.6 million barrels from strategic oil reserves over the next months, and around half of this will be diesel, Energy and Housing Commissioner Dan Jørgensen said after the October 29 Energy Council in Luxembourg. Yaani: 42.6 million barrels is about 4.26 crore barrels, and the diesel share of 20.5 million barrels is about 2.05 crore barrels.

Source: EU Perspectives

Twelve European countries are taking part — Belgium, Denmark, France, Germany, Greece, Italy, Latvia, Lithuania, Luxembourg, the Netherlands, Portugal and Sweden — and the release is to be completed by the end of January 2027, Xinhua reported. The move is part of the G7's earlier pledge to release 100 million barrels of crude oil and diesel from strategic reserves, and it follows the International Energy Agency members' agreement in March to release 400 million barrels after disruption around the Strait of Hormuz.

Source: Xinhua via StockBiz

Jørgensen said the EU did not expect a security-of-supply crisis, but high gas and oil prices required action to help households and businesses. "If you are not able to pay your gas bill, it doesn't really matter how much gas is out there," he said. Irish Energy Minister Darragh O'Brien acknowledged the limits of immediate relief: "The EU and member states don't have a magic wand to make the price increases, you know, go away." Ministers announced no guaranteed reduction in pump prices.

Source: EU Perspectives

The pressure is clearest in diesel. The European Commission's weekly oil bulletin put the average retail price of diesel in the EU at about 2.15 euros per litre on October 26, up around 35% from the end of February, before the conflict in the Middle East broke out, Xinhua reported, and the IEA has said global diesel supplies remain tight.

Source: Xinhua via StockBiz

Ministers also backed targeted, temporary support for people struggling with energy bills — governments can subsidise fossil fuels provided the help is targeted and temporary — and Jørgensen urged governments to support heat pumps, electric vehicles and other measures that reduce dependence on imported fuels, EU Perspectives reported. Talks on reforms to electricity network charges, which make up on average 24% to 29% of household electricity bills, will continue, with an ambition to reach a general approach at the December Energy Council.

Source: EU Perspectives

42.6 million barrelsTotal accelerated reserve release (yaani ~4.26 crore barrels)
20.5 million barrelsDiesel share (yaani ~2.05 crore barrels)
12European countries taking part
€2.15/litreAverage EU diesel price on Oct 26, up ~35% since late February
Why it matters beyond Europe

The release is Europe's answer to a war-driven energy shock: fighting around the Strait of Hormuz and the Red Sea has tightened diesel supplies worldwide, pushing up freight and fuel costs far beyond Europe — including for truckers and farmers in Canada, the US and India. Faster reserve releases aim to steady markets, but ministers themselves say they cannot promise cheaper fuel at the pump this winter.