12 EU countries to release 42.6 million barrels of oil

Twelve European countries pledged Thursday to release 42.6 million barrels of oil from strategic reserves by the end of January 2027, in line with a G7 deal aimed at easing global energy supply concerns.

EU energy commissioner Dan Jorgensen said member states had reaffirmed their commitment to an accelerated release over the next months, with about half of the total made up of diesel.

The countries said in a statement that the release would include 20.5 million barrels of diesel. The participating countries are Belgium, Denmark, France, Germany, Greece, Italy, Latvia, Lithuania, Luxembourg, the Netherlands, Portugal and Sweden.

The announcement follows a G7 pledge to release 100 million barrels of diesel and crude oil after US President Donald Trump threatened a diesel export ban.

The International Energy Agency, to which all 12 countries belong, made a similar call in mid-October for members to increase oil stock releases before winter.

Jorgensen said the EU was taking the effect of the crisis on households seriously but did not expect a supply security problem.