Key facts
- Europe will release 42 million barrels of emergency oil stocks over three months.
- Half of the release will be diesel.
- The release aims to lower fuel prices before winter.
- France will supply 10 million barrels of diesel.
- Diesel prices are forecast to fall by 12 to 18 cents per liter.
Europe will release 42 million barrels of emergency oil stocks over the next three months, with half of it being diesel, in an effort to lower fuel prices before winter. French Economy Minister Roland Lescure announced the plan on Thursday, stating that the diesel will begin reaching the market in the coming days and is expected to reduce prices by 12 to 18 cents per liter. This action is part of a broader G7 agreement to release up to 100 million barrels from strategic reserves, contributing to the International Energy Agency's coordinated 400-million-barrel release. The move aims to address supply shortages in a market already facing high prices due to refinery damage in the Middle East and Russian export restrictions.