12 European Countries to Jointly Release 42.6 Million Barrels of Strategic Petroleum Reserves by Early Next Year

▲ Strategic petroleum reserves (The photo above is not related to the content of the article.)

Twelve European countries have decided to jointly release 42.6 million barrels of oil by late January next year.

Countries including Germany, France, and Italy announced in a joint statement on the 29th, local time, that they plan to release strategic petroleum reserves, including 20.5 million barrels of diesel, by the end of January next year.

This measure follows an agreement reached earlier this month by the Group of Seven (G7) to release 100 million barrels of diesel and crude oil over the next four months, after U.S. President Donald Trump pressured Europe to release its strategic reserves by using the card of blocking U.S. diesel exports.

The Trump administration, struggling to curb high inflation—a major political liability ahead of the midterm elections next month—has demanded that Europe release its strategic reserves to stabilize diesel prices.

Meanwhile, Dan Jørgensen, the European Commissioner for Energy, told reporters after the EU Energy Council meeting held in Luxembourg that day, "Member states have reaffirmed their commitment to early release 42.6 million barrels of strategic petroleum reserves over the coming months," explaining that half of this amount is diesel.

Belgium, Denmark, the Netherlands, Portugal, Sweden, Greece, Latvia, Lithuania, and Luxembourg are also participating in this measure.

Meanwhile, EU energy ministers discussed measures that day ahead of the winter heating season to lower energy bills for European households and strengthen the stability of energy supplies.

As the war in Ukraine overlaps with the war in Iran, oil and natural gas prices have surged, increasing the energy burden felt by European households.

Commissioner Jørgensen stated that currently, 50 million Europeans live in homes that are inadequately heated, warning that Europe could face an energy crisis more severe than 2022, the year the war in Ukraine broke out.

However, aside from the burden households face due to surging energy prices, he stated that there are no concerns regarding the stability of energy supply itself.

※