EU countries pledge 20.5mn diesel barrels as winter supply fears grow

Eleven EU countries have pledged to release 20.5 million barrels of diesel from strategic reserves by the end of January 2027, as persistent instability in the Middle East raises concerns over fuel supplies ahead of winter, according to a document seen by Euronews.

Belgium, Denmark, France, Germany, Greece, Italy, Lithuania, Luxembourg, the Netherlands, Portugal and Sweden agreed to release new diesel barrels following the G7 leaders' statement on energy security and an urgent call for action from the IEA.

"We, the undersigned EU members of the International Energy Agency (IEA), have taken and are taking decisive actions to increase the supply of crude and refined products in the short term through the release of significant volumes of strategic reserves, including diesel," reads the joint declaration.

The initiative was presented by French Energy Minister Roland Lescure on the sidelines of the gathering of energy ministers in Luxembourg on 29 October.

It unveiled the release of 42.6 million barrels of oil and refined products in March under a collective action coordinated by the Paris-based IEA.

Nearly half of the refined products are diesel, which the European Commission's oil monitoring group has described as "remaining tight".

While Brussels maintains that "physical shortages" are not foreseen, Energy Commissioner Dan Jørgensen argued that skyrocketing prices will end up depriving the most vulnerable.

Brent crude oil was trading at $112 on 20 October, up from the $40 pre-war levels.

The EU is exposed to diesel disruptions in refined fuel markets, which affect road transport, freight, agriculture and industry.