EU official welcomes G7 decision to release emergency oil reserves

European Commission Energy Spokesperson Anna-Kaisa Itkonen has officially welcomed the G7 decision, announced on Friday, to release emergency oil reserves. Addressing concerns regarding a projected difficult winter for energy prices, the Commission stated that this move is a necessary and positive step intended to stabilize the market and protect consumers and businesses from sudden price spikes.

In addition to the reserve release, the European Commission expressed support for the G7 pledge to oppose export bans, warning that such restrictions would further tighten an already constrained global supply. While the Commission emphasized that protecting households from rising costs is a key priority, it clarified that the specifics regarding the exact quantity of oil and diesel to be released, as well as the determination of whether the release will be mandatory or voluntary for individual nations, fall under the jurisdiction of the International Energy Agency (IEA).

This initiative comes amid ongoing concerns about energy market volatility as the winter season approaches. Official procedures and the organization of the reserve distribution are currently being managed by the IEA, with the European Commission refraining from providing specific national quotas at this stage.