European commission warns of difficult winter as G7 moves to release oil reserves

European Commission representatives have warned of a difficult winter regarding energy costs. In response to the market outlook, the European Commission welcomed a recent G7 decision to release emergency oil reserves, a move intended to stabilize prices and support households and businesses. The Commission also praised the G7’s commitment to avoid export bans, which could further restrict supply in an already volatile market. Officials noted that specific details regarding individual country contributions will be managed by the International Energy Agency.

Separately, European Commission President Ursula von der Leyen addressed the European Parliament on October 6, 2026, emphasizing the need for targeted fiscal measures rather than broad, horizontal subsidies to combat high costs. She highlighted that energy prices vary significantly across the European Union, ranging from 70 euros per megawatt-hour in states relying on nuclear and renewable energy to 145 euros in those dependent on natural gas. Von der Leyen underscored that since 2022, reliance on Russian natural gas has dropped from 45% to 12%, with a goal of total elimination by the end of 2027. Future efforts will include a strategic dialogue with European refineries to manage costs.