11 EU countries vow to release 42.6 million barrels of oil after G7 pledge

On October 29, 11 European nations committed to releasing 42.6 million barrels of oil from strategic reserves by January 2027, following a G7 agreement. This includes 20.5 million barrels of diesel. The decision comes amid rising energy prices due to geopolitical tensions, particularly the US-Israeli conflict with Iran. The EU aims to address household energy costs while maintaining supply security, as emphasized by Energy Commissioner Dan Jorgensen.