U.S. pressures EU to release strategic fuel reserves

(Angel Garcia/Bloomberg)

Key European nations are holding emergency talks on how to respond to U.S. pressure to release strategic fuel reserves.

The European Union is coordinating a joint position after Washington approached several countries about releasing stocks. Energy Commissioner Dan Jørgensen is holding a call with officials from the UK, France, Italy, Ireland and Germany, according to a European official.

The International Energy Agency is due to meet Oct. 2 and the EU will “take action as necessary,” Commission energy spokesperson Anna-Kaisa Itkonen said.

Europe has moved more slowly than the U.S. to draw down emergency oil reserves in response to war-driven turmoil in global markets, leaving the region with significant supplies still available. Some governments, including Germany and Spain, have previously said they saw little need to release more barrels.

The U.S., by contrast, approved another 40 million barrels from the Strategic Petroleum Reserve on Sept. 29, completing its part of the effort. U.S. Energy Secretary Chris Wright said Sept. 30 that European countries would soon announce plans to put more fuel on the market.

“Several European member countries have released only a fraction of the crude oil and petroleum products they pledged,” Wright said earlier this week. “We urge every member country to fulfill its commitments.”

Here's some detail on EU energy inventories from a chart included in our story today. pic.twitter.com/t1Q3UBB3Et

— Jarrett Renshaw (@JarrettRenshaw) October 1, 2026

The European Commission said Oct. 1 it was working with member states on how to proceed while holding high-level talks with the U.S. Any releases coordinated through the IEA would be voluntary for individual countries, Itkonen said.

The U.S. told Germany and France to release diesel stocks or face a potential U.S. exports ban, Reuters reported.

The push has taken on greater urgency as diesel prices have surged weeks before U.S. midterm elections. President Donald Trump has signaled his appetite for banning U.S. diesel exports has cooled amid concerns such a move could push prices even higher.

Though oil flows from the Middle East have rebounded, the conflicts with Iran and between Russia and Ukraine continue to disrupt diesel supplies, keeping pressure on the fuel that powers trucks and farm equipment.

In March, the U.S. and 29 other OECD countries agreed through the IEA to release 400 million barrels of emergency oil after Trump’s military campaign against Iran triggered the largest supply disruption in history. The U.S. share amounts to just under half the total. Exactly how much remains to be released elsewhere is unclear because the details are confidential and countries have disclosed little publicly.

Traders, analysts and a refiner in the region say much of what remains appears to be sitting in Europe, where nations tapped only limited volumes earlier in the year. That leaves the region with more fuel it could put on the market if needed, though how much — and how quickly — varies by country.

As of Sept. 29, Germany, Europe’s biggest contributor, had no plans to offer the remaining 15 million barrels it pledged — about 77% of its total contribution — according to the economy ministry. “The vast majority of crude oil and petroleum products therefore remains in reserve,” the ministry said, adding that the release of oil is not intended to stabilize prices as that would lead to speculation in the market.

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French President Emmanuel Macron said he would convene Group of Seven leaders to discuss a potential release from strategic fuel reserves. (Gonzalo Fuentes, pool, via Associated Press)

Spain, the continent’s fourth-biggest contributor, has released only about a third of its 11.6 million barrel commitment. The U.K., Europe’s third-biggest contributor with a pledge of 14 million barrels, said “significant stocks are available should the market need them.” And France still has a full strategic stockpile, Finance Minister Roland Lescure said Sept. 30.

Earlier this month, French President Emmanuel Macron said he would convene Group of Seven leaders to discuss a potential release from strategic fuel reserves as high energy prices weigh on economic growth. No further details have emerged, however, and France has instead focused on cushioning the blow for consumers, rolling out 450 million euros ($514 million) in fuel aid.

About a third of the 400 million barrels is “still to come,” IEA Executive Director Fatih Birol told reporters Sept. 29. The Paris-based agency, created after the oil shocks of the 1970s, hasn’t disclosed which countries account for most of the outstanding barrels.

Data reported to the IEA and the Riyadh-based Joint Organisations Data Initiative come with a lag, but point to a stark transatlantic difference. Between February and July, U.S. inventories of diesel and gasoil fell 27% — far more sharply than in Europe’s five biggest economies, where declines were no greater than 7%. Among the 28 IEA countries that reported figures, the U.S. recorded the biggest drop in both barrels and percentage terms.

Other IEA figures tell a similar story. Oil stockpiles, measured in days of net imports, were either steady or fell only marginally between February and June in the U.K., France and Spain, and rose in Germany. Of Europe’s five biggest economies, only Italy showed a substantial drop.

The surge in diesel prices is also becoming a concern beyond oil markets. The European Central Bank has flagged higher oil and natural gas prices as an inflation risk, while Bank of England Governor Andrew Bailey has pointed to elevated refining margins as another source of price pressure. 

Europe is meanwhile pushing back against potential U.S. restrictions on diesel exports, warning that disrupting trade could further strain fuel markets. Wright has cautioned against an outright ban.

European policymakers are also looking at other ways to boost supply, with Macron calling this week for the EU to relax some fuel-quality rules to increase the amount available on the market.

Written by Grant Smith, Ewa Krukowska, Eva Brendel, Petra Sorge and Daniel Basteiro