The European Union is contemplating a fresh emergency oil-reserve release, with Energy Commissioner Dan Jørgensen telling Euronews strategic stocks could be drawn down again to bolster supply and ease mounting price pressures.
The war in Iran and reduced refining capacity have squeezed supply, driving a sharp rise in prices for companies and consumers. Diesel prices at the pump have surged over the past month, prompting the US to pressure EU member states to release emergency stocks in a move that could put an additional 120 million barrels on the market.
