EU rules out new oil releases

The European Union intends to adhere to its previous commitments regarding the release of oil reserves, believing that the recent G7 agreement on an emergency release estimated at 100 million barrels does not require additional volumes. EU officials agreed to keep any extra releases within the limits of last March's agreement, emphasizing the importance of assessing the impact with the International Energy Agency before taking new steps. This comes amid a record-high surge in fuel prices due to the war in Iran and attacks on Russian refineries, which is applying pressure on the U.S. administration to reduce costs ahead of the Congressional elections. France and Italy are also considering releasing additional quantities of diesel, but no official decisions have been made yet.

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