Europe to release 42 million barrels of oil stocks

Why it matters: The release is the European leg of the G7 commitment that completes the IEA coordinated 400 million barrel draw, and it is aimed at diesel, the fuel Europe imports in larger volumes than it refines and whose price has stayed near record levels into the winter.

Data as of Minister Roland Lescure's remarks of October 29, 2026, as reported by Bloomberg and OilPrice.com, both read in full in this run. No French economy ministry release text was obtained in this run, so the figures rest on reporting of the minister's own statements. Developing item.

Europe will release 42 million barrels of emergency oil stocks over the next three months, half of it diesel, French Economy Minister Roland Lescure said on Thursday ahead of a meeting of EU energy ministers in Luxembourg, and France’s own 10 million barrels of diesel, announced last month, will reach the market in the coming days, supplied at cost with an expected pump price reduction of 12 to 18 cents a litre from next week. The European release averages roughly 460,000 barrels a day and forms part of the G7 agreement to release up to 100 million barrels, which completes the 400 million barrel emergency release coordinated by the International Energy Agency. Lescure called the draw short term relief, said Europe would keep its options open for further releases if the crisis does not ease, and an economy ministry adviser said it is the first time France has released strategic reserves in order to reduce prices.

Europe to release 42 million barrels of oil stocks

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