Twelve European Union countries have agreed to accelerate the release of oil and petroleum products from strategic reserves in order to increase fuel supply ahead of winter and ease price pressure. By the end of January 2027, the states plan to put 42.6 million barrels on the market, almost half of which will be diesel fuel.
The corresponding joint declaration was published on 29 October during a meeting of EU energy ministers in Luxembourg, reports Agence Europe.
Germany, France, Italy, Belgium, Denmark, Greece, Latvia, Lithuania, Luxembourg, the Netherlands, Portugal and Sweden have joined the initiative.
Of the total volume, 20.5 million barrels will be diesel fuel. This particular segment of the global market remains especially vulnerable due to supply disruptions from the Middle East, reduced Russian exports, and limited refinery capacity.
EU Energy Commissioner Dan Jørgensen explained after the meeting that the states confirmed their readiness to fulfill their obligations regarding the use of strategic reserves faster. The goal is to stabilize the fuel market ahead of the winter season.
At the same time, this is not a new package of reserves, but an acceleration of an already agreed program. In early October, G7 countries agreed to accelerate the release of up to 100 million barrels of oil and petroleum products. The current declaration specifies the concrete contribution of twelve European states to fulfilling these agreements.
The program is implemented within the broader international initiative launched in March 2026 after a sharp deterioration in the oil market situation due to the war in the Middle East.
According to a statement by the International Energy Agency on 15 October, at that point participating countries had already released approximately 330 million barrels of strategic reserves. Another about 100 million barrels were planned to be put on the market within the framework of further fulfilment of obligations.
Some countries have already exceeded previously agreed volumes, so the overall result of the international program may be larger than the initially targeted 400 million barrels.
According to information from Agence Europe, the states that signed the new declaration also proposed that the European Commission monitor the actual release of reserves through the oil coordination group. Interim results are planned to be reviewed at the December meeting of EU energy ministers.
During the EU Council meeting on 29 October, ministers separately discussed the readiness of the European energy system for the winter of 2026-2027 and ways to reduce the financial burden on households and businesses.
Jørgensen noted that the EU Commission currently does not foresee a direct threat to the stability of energy supply. However, high energy prices remain a problem for the population, even if there is no physical shortage of fuel.
The accelerated release of reserves should increase available volumes of diesel and other petroleum products on the market. At the same time, a guaranteed reduction in retail prices for all European countries has not been announced. The actual result will depend on the speed of delivery of reserve fuel and the further situation on the global market.
Earlier, "Kurs Ukrainy" reported on the IEA’s decision to accelerate the use of strategic reserves due to the diesel fuel shortage. Now a number of European countries have set specific volumes and deadlines for fulfilling these obligations.
Based on materials from: Agence Europe, International Energy Agency, EU Perspectives
