Portugal is among 12 countries that will release oil barrels

Follow our live articles on international conflicts. Twelve European Union (EU) countries, including Portugal, will release approximately 42.6 million barrels of oil from their strategic reserves—nearly half of which is diesel—according to a statement released this Thursday. According to the document, signed by the 12 countries, 42.6 million barrels will be released by the end of January 2027, including 20.5 million barrels of diesel, following a commitment made within the framework of the G7. "We are doing everything we can to stabilize diesel markets as winter approaches," stated European Energy Commissioner Dan Jørgensen at the conclusion of a meeting of EU energy ministers in Luxembourg. In Portugal, the association of petroleum companies (Epcol) told Lusa this Thursday that it does not foresee imminent risks of fuel supply shortages during the coming winter, despite uncertainty regarding price fluctuations due to the geopolitical situation. According to the association's spokesperson, João Reis, national supply security benefits from a combination of refining capacity, logistical infrastructure, imports, and strategic reserves. Energy prices have skyrocketed since the start of the war in Iran, with the price of a liter of diesel exceeding 2.30 euros in several EU countries. Faced with this situation, and under pressure from US President Donald Trump, G7 countries decided in early October to draw on strategic reserves to release "up to 100 million barrels" of diesel and crude oil "over the next four months" in an attempt to ease the pressure on fuel prices. The EU guaranteed this Thursday that it is monitoring the crisis's impact on European household budgets, although it has, for now, dismissed concerns regarding supply security. "We do not strictly foresee problems in terms of security of supply, but for citizens who are struggling to pay their bills, this may not make a difference," Jørgensen acknowledged. In addition to Portugal, the countries that made this commitment are Germany, France, Greece, Denmark, Belgium, Lithuania, Luxembourg, Latvia, Sweden, the Netherlands, and Italy. Although not all are part of the G7, the 12 countries are members of the International Energy Agency (IEA), which had also called for the use of strategic reserves before winter.