Europe will release a total of 42 million barrels of crude oil and oil products from its strategic stocks over the next three months to moderate market prices, French Economy Minister Roland Lescure announced. Diesel accounts for half of the released volume. Brent spot, by our market data, stood at $123.10 a barrel at the 27 October 2026 close.
The release is part of a wider international effort that has been taking shape over several weeks. G7 countries agreed on October 2 to release up to 100 million barrels of strategic crude and diesel stocks over four months. The International Energy Agency’s coordinated programme, first agreed in March, totals 400 million barrels.
Diesel at the centre of the pressure
Diesel is the main pressure point. Global diesel exports fell by 700 thousand barrels per day in September compared with a year earlier, according to an IEA report published in October. French authorities have already moved on their own reserve. A 10 million barrel diesel reserve announced last month is due to reach the market in the coming days.
Donald Trump has threatened that Washington could restrict diesel exports if European countries did not release more fuel from their reserves. Paris will sell its reserves at cost price, a move that could cut fuel prices by 12 to 18 euro cents per litre, according to estimates cited in the report.
How long the strain may last
The IEA says market tensions could last until the second half of 2027. That outlook leaves the current releases as a bridge rather than a fix. Europe’s three-month programme covers only part of that period.
Related: UAE offers Indonesia up to 30 million barrels of crude oil · Milei says Argentina nears 1 million barrels a day
Source: International Energy Agency | Data: FRED — St. Louis Fed
