Europe is set to release 42 million barrels of oil from its strategic reserves, France has announced, according to Bloomberg. The fresh release builds on an agreement reached in early October by G7 energy ministers, which provides for the coordinated release of up to 100 million barrels of crude oil and diesel between October 2026 and January 2027.
The effort was originally proposed by Paris, amid mounting pressure from the US administration to bring down fuel prices and concerns over supply tied to Iranian restrictions on shipping through the Strait of Hormuz. Member countries of the International Energy Agency had already released 325 of the 400 million barrels pledged in an earlier emergency release launched in March 2026, including 14.6 million barrels from France alone.