European Commission Welcomes G7 Decision To Release Significant Stocks Of Diesel And Oil
Mohammad Ali ( @ChaudhryMAli88 ) | October 05, 2026 | 07:45 PM (UrduPoint / Pakistan Point News / WAM - 05th Oct, 2026) BRUSSELS, 5th October, 2026 (WAM): - The European Commission has welcomed a decision by the G7 to release significant stocks of diesel and oil, stating it will positively impact prices within EU member states.
Commission spokeswoman Anna-Kaisa Itkonen expressed her enthusiasm, highlighting the rejection of any export ban previously threatened by the United States. She affirmed that protecting households and businesses from price shocks remains a top priority for the Commission.
While not specifying the quantity each country will release, Itkonen directed attention to the International Energy Agency (IEA), which is responsible for making that decision.
Key Points:
- G7 leaders agreed to coordinate the release of 100 million barrels through IEA over four months, prioritizing diesel in the initial 20 days.
- The United States had previously pressured Germany and France to tap into their emergency fuel reserves to curb global price rises.
- The Commission welcomes the G7's rejection of an export ban threatened by the US.