12 European Countries to Release 42.6 Million Barrels of Oil Reserves

Twelve European countries will release 42.6 million barrels of oil from their strategic reserves by the end of January 2027, in a joint move to steady diesel supplies before winter.

Energy Commissioner Dan Jorgensen announced the faster release after EU energy ministers met in Luxembourg on Thursday, October 29, 2026. About half of the oil, 20.5 million barrels, is diesel. The countries taking part are Belgium, Denmark, France, Germany, Greece, Italy, Latvia, Lithuania, Luxembourg, the Netherlands, Portugal and Sweden. The release speeds up an existing commitment rather than creating a new one, and ministers gave no promise that pump prices will fall.

The price at the pump

The European Commission's weekly oil bulletin put the average retail price of diesel in the EU at about 2.15 euros a litre on October 26, up about 35 percent from the end of February, before the war on Iran disrupted supply. Gas storage across the EU stands at 75 percent of capacity, down from 83 percent at the same point last year. Jorgensen warned of a challenging winter but said he saw no short term risk to security of supply. He also made the household point directly: "If you are not able to pay your gas bill, it doesn't really matter how much gas is out there."

Ministers backed temporary, targeted support for people struggling with energy bills, but announced no single EU wide payment. Ireland's energy minister Darragh O'Brien said governments and the EU have no magic wand to make the price increases go away.

Where this release fits

The European move sits inside two bigger ones. The Group of Seven agreed in October to release 100 million barrels of crude and fuel over four months. In March, members of the International Energy Agency agreed to release 400 million barrels from emergency stocks after disruption around the Strait of Hormuz. The IEA has said global diesel supplies stayed tight through the autumn, with third quarter supply down on the year before.

For drivers and farmers, the test is simple. Diesel is the fuel of freight, farming and much of rural Europe, and a reserve release only helps households if the extra supply reaches the pump before the coldest months. The January deadline means part of the oil arrives after the winter peak it is meant to cover.