OMM Newsroom
European Union 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 on Friday, according to Anadolu Agency.
The commitment was reaffirmed during talks among European energy ministers in Luxembourg, the Belgian news agency Belga reported. Jorgensen said about half of the planned release would consist of diesel.
The move forms 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.
The EU’s contribution amounts to about four days of consumption across the bloc, raising questions about its potential impact on prices. “We will monitor the effects,” Jorgensen said.
He 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,” Jorgensen said.
The commissioner said 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 said accelerating the green transition and reducing reliance on oil and gas would provide a more sustainable response to high energy costs.
Jorgensen also met representatives of European refineries on Wednesday to discuss ways to increase production.
