Energy & Trade · Luxembourg
Twelve EU countries to release 42.6 million barrels of oil and diesel from reserves
The release follows a G7 pledge of up to 100 million barrels, and France alone will put 10 million barrels of diesel on its market in the coming days.
AI text based on reports by N-tv, Aktuálně.cz, De Standaard and other publishers. Published . How it is made
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In brief
Twelve EU states committed in a joint declaration signed in Luxembourg on 29 October 2026 to release 42.6 million barrels from strategic reserves by the end of January 2027.
Almost half of the release, 20.5 million barrels, is diesel, which the signatories will put on the market to address pump prices.
French minister Roland Lescure said France alone would release 10 million barrels of diesel into its market in the coming days.
The European step implements the G7 agreement of 2 October, which set a target of up to 100 million barrels over four months, coordinated by the IEA.
- 2 OctG7 meeting under French leadership agrees to release up to 100 million barrels over four months
- 29 OctTwelve EU states sign a joint declaration in Luxembourg committing 42.6 million barrels
- 10 DecEnergy Council scheduled to review progress on the release
- End January 2027Release from strategic reserves due to be completed
The joint declaration
On Thursday, 29 October 2026, twelve EU member states signed a joint declaration at the EU Energy Council in Luxembourg committing to release 42.6 million barrels of oil from their strategic reserves by the end of January 2027. About 20.5 million barrels of that volume is diesel, which will be put on the market. The signatories are Belgium, Denmark, France, Germany, Greece, Italy, Latvia, Lithuania, Luxembourg, the Netherlands, Portugal and Sweden. Not all of them are G7 members, but all belong to the International Energy Agency (IEA), which had urged countries to draw on stockpiles before winter. The volume equals roughly four days of EU consumption, so its effect on prices is still an open question.
Links to the G7 pledge
The release is the European part of a commitment made at a G7 meeting under French leadership on 2 October, when the group agreed to release up to 100 million barrels over four months, coordinated by the IEA. Energy prices have risen sharply since the Iran war began in February. Brent crude is trading near $100, compared with about $70 before the escalation at the end of February. Donald Trump, who has pressed for lower diesel prices before the US congressional elections, denies that the conflict with Iran is behind the increase. He has reportedly threatened to limit US diesel exports to Europe unless European countries release part of their own stocks.
Commission and ministers
EU Energy Commissioner Dan Jorgensen said after the meeting that the bloc is working to stabilise diesel markets before winter. He said the EU expects no problem with supply as such, although higher costs still hurt people who struggle to pay their bills. Jorgensen met representatives of European refineries on 28 October to discuss how production could be raised. He said the effects of the release would be watched closely. The declaration asks the European Commission to monitor the release through the oil coordination group, and the signatories will report progress for further review at the Energy Council on 10 December.
France's share
French minister Roland Lescure said on arrival at the Luxembourg council that the EU would release more than 42 million barrels over the next three months, half of it diesel. He said France alone would release 10 million barrels of diesel, which will enter the French market in the coming days. According to Lescure, this will allow a reduction in the pump price of diesel. Diesel has topped 2.30 euros per litre at the pump in several EU countries.
- Total release, all products
- 42.6 million barrels
- Diesel component
- 20.5 million barrels
- France diesel, coming days
- 10 million barrels
Data from the article text
Open questions
The declaration does not break the 42.6 million barrels down by country, so it is not fully clear which states will release how much. The IEA is coordinating the whole operation. Jorgensen acknowledged that even without a supply shortage, the release does little for consumers who are struggling with energy bills this winter. The next formal checkpoint is the Energy Council meeting on 10 December, when progress reports are due. The release itself is scheduled to finish by the end of January 2027.
- Diesel component
- 20.5 million barrels
- Total release, all products
- 42.6 million barrels
Data from the article text
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Sources and context
- N-tvIncluding Germany: Twelve EU countries release 42.6 million barrels of oilDarunter auch Deutschland: Zwölf EU-Länder geben 42,6 Millionen Barrel Erdöl frei · original in German
- Aktuálně.cz - Víte, co se právě dějeEU countries to release tens of millions of barrels of oil and diesel, ministers confirmedZemě EU uvolní desítky milionů barelů ropy a nafty, potvrdili ministři · original in Czech
- De StandaardEU member states bring 42 million barrels from oil reserves to the marketEU-lidstaten brengen 42 miljoen vaten uit oliereserves op de markt · original in Dutch
- Le SoirGasoline prices: more than 40 million barrels of oil expected to be released to the market by the EUPrix de l'essence : plus de 40 millions de barils de pétrole devraient être libérés sur le marché par l'UE · original in French
- Dan Jorgensen
- European Commissioner for Energy who announced the release after the EU energy ministers meeting in Luxembourg
- Roland Lescure
- French minister who announced that France would release 10 million barrels of diesel
- Donald Trump
- US president who has pressed for lower diesel prices and reportedly threatened to limit US diesel exports to Europe
- Organizations
- European Union
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