EU countries to accelerate release of 42.6 million barrels from oil reserves

By Beyza Binnur Donmez

GENEVA (AA) - EU member states will accelerate the release of 42.6 million barrels from their strategic oil reserves over the coming months to help contain rising energy prices, EU Energy Commissioner Dan Jorgensen announced Friday.

The commitment was reaffirmed during talks among European energy ministers in Luxembourg, Belgian news agency Belga reported.

Jorgensen said about half of the planned release would consist of diesel.

The move is part of a broader G7 initiative announced earlier this month to release 100 million barrels of oil and diesel, with the International Energy Agency coordinating the operation.

However, the EU's contribution amounts to only about four days of consumption across the bloc, raising questions about its potential impact on prices.

"We will monitor the effects," Jorgensen said.

The commissioner warned that the war in the Middle East could keep gas and diesel prices elevated throughout the winter.

"We do not expect a problem with supply itself, but that is little comfort to people who are struggling to pay their bills," he said.

Jorgensen acknowledged that governments may need to provide relief to vulnerable households and sectors dependent on fossil fuels, but stressed that such measures should remain "temporary" and "targeted."

He emphasized that accelerating the green transition and reducing reliance on oil and gas would offer a more sustainable response to high energy costs.

The commissioner also met representatives of European refineries Wednesday to discuss ways to increase production.

Beyza Binnur Dönmez