Eleven EU countries to release 42.6m barrels by January 2027
By the AFREEQUE newsroom, based on Punch
Eleven European Union countries plan to release 42.6 million barrels of oil from their strategic reserves, including 20.5 million barrels of diesel. Deliveries are to be completed by the end of January 2027, as part of a G7 pledge to strengthen global energy supplies, according to European Commissioner for Energy Dan Jørgensen.
Eleven European Union countries have pledged to release 42.6 million barrels of oil from their strategic reserves by the end of January 2027, including 20.5 million barrels of diesel. The announcement was made in a joint statement, AFP reports, cited by Punch.
France, Germany and Italy are among the signatories, along with Belgium, Denmark, Greece, Latvia, Luxembourg, the Netherlands, Portugal and Sweden. Lithuania also supports the initiative but did not sign the pledge. European Commissioner for Energy Dan Jørgensen said diesel would account for about half of the volumes released.
The decision is part of an agreement reached this month by the G7, the seven major industrialised economies, to release 100 million barrels of crude oil and diesel. In mid-October, the International Energy Agency had called on its members to increase stock releases ahead of winter.
Dan Jørgensen said the European Union did not expect a supply security problem, while acknowledging the difficulties faced by households confronted with rising bills. The surge in energy prices came after the war between the United States, Israel and Iran, according to AFP.
