EU says oil reserve release possible amid US pressure

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Published: 2026-10-02T07:31:39.523Z • Permanent link

European Union officials are reportedly considering releasing strategic oil reserves to mitigate the impact of rising global energy prices, amid pressure from the United States. The move comes as the EU seeks to address concerns over its energy security, following a tumultuous period of supply disruptions and price volatility. The proposed release of oil reserves is seen as a potential measure to stabilize energy markets and alleviate concerns over supply chain resilience.

According to sources, EU governments are exploring various options for releasing oil from strategic reserves, including a potential sale of up to 1 billion barrels of crude oil. The proposed release is expected to be led by the European Commission, with support from key member states such as Germany and France. Industry insiders suggest that the move could have significant implications for the global energy market, particularly in the wake of the ongoing Russia-Ukraine conflict.

Details of the plan are still scarce, but EU officials are said to be working closely with US energy Secretary Jennifer Granholm to discuss the potential release of oil reserves. Granholm has been a key proponent of the idea, citing the need for coordinated action to address the global energy crisis. The US has been a vocal supporter of the EU's efforts to release oil reserves, and the move is seen as a potential step towards increased cooperation between the two blocs on energy policy.

The proposed release of oil reserves by the EU has significant implications for companies operating in the energy sector. Major oil producers such as ExxonMobil and Royal Dutch Shell are expected to benefit from the move, as they could see increased demand for their products in the wake of the planned release. On the other hand, refiners and other energy-intensive companies could face increased costs and reduced margins as a result of the proposed release.

Research communities and energy experts are also expected to be impacted by the move. Analysts at firms such as Goldman Sachs and Morgan Stanley are already weighing in on the potential implications of the EU's plan, with some predicting a significant boost to energy prices in the short term. The move is also expected to have implications for policy-makers, who will need to carefully consider the potential risks and benefits of releasing oil reserves in the wake of the ongoing energy crisis.

The proposed release of oil reserves by the EU is part of a larger pattern of coordinated action by major energy producers to address the global energy crisis. In recent months, countries such as Saudi Arabia and the UAE have also released oil reserves, citing concerns over supply chain resilience and energy security. The move is also seen as part of a broader effort to reduce tensions between major energy producers and promote greater cooperation on energy policy.