EU holds off on additional oil reserve releases pending IEA assessment
A Group of Seven pledge covering 100 million barrels would fulfil commitments made in March rather than add new supplies, the energy agency indicated.
EU officials agreed on 7 October 2026 to postpone any additional releases from oil and diesel reserves until the International Energy Agency (IEA) provides a clearer assessment of supply risks and market conditions, according to three diplomats familiar with the discussions.
The position means EU countries will, for now, draw only on volumes committed in March. Some member states warned that using reserves now could weaken their ability to respond to a supply crisis, despite high diesel prices following airstrikes against energy infrastructure in Russia and the Middle East.
The Group of Seven agreed to release 100 million barrels from oil and diesel reserves after US officials threatened a diesel export ban unless other countries tapped their stockpiles. The IEA indicated that the commitment would complete the March agreement, rather than provide an additional release.
Following an emergency meeting of ministers, the IEA said 325 million barrels had been released against the 400 million pledged in March. Some countries had supplied more than their original commitments, it said, leaving around 100 million barrels available under that agreement.
France and Germany signalled that they would provide little or nothing beyond earlier pledges, while Japan ruled out further releases. The share to be supplied by IEA members outside the EU remains unclear. One diplomat said the agency’s governing board would discuss the allocation at its next meeting.
