The French economy minister Roland Lescure announced that Europe will release 42.6 million barrels of emergency oil stocks over the next three months, following a G7 agreement earlier this month to release up to 100 million barrels of crude oil and fuel stocks over four months. Lescure made these comments ahead of a meeting with EU energy ministers in Luxembourg this week.
Of diesel, Europe will release 230,000 barrels per day (bpd) across three months, with France’s share being 10 million barrels. Overall, Europe will release 460,000 bpd of oil over the three months. Lescure forecast that the release will result in a reduction of 12-18 cents per litre.
