France Says Europe Set to Release 42MM Barrels of Oil

SUBSCRIBE SEARCH ARTICLES NEWS Europe will release 42 million barrels of oil reserves into the market over the next three months as part of its commitment to ease prices, France's economy minister Roland Lescure said. Image by cineman69 via iStock

Europe will release 42 million barrels of oil reserves into the market over the next three months as part of its commitment to ease prices, France’s economy minister Roland Lescure said Thursday.

Half of that release will be diesel, Lescure said ahead of a meeting of European Union energy ministers in Luxembourg. Group of Seven nations agreed last month to release up to 100 million barrels, marking a completion of an IEA-coordinated 400-million-barrel release in March.

Lescure said a French release of 10 million barrels of diesel announced last month would hit the market in the coming days and the impact on prices would be felt as soon as next week. The reserves would be supplied to the market at cost price, lowering prices by 12 cents to 18 cents a liter he said.

Diesel is “at the heart of our challenges,” Lescure said, adding that while he hoped the current crisis would be resolved “slowly, but surely,” Europe would keep its options open for further stockpile releases. 

WHAT DO YOU THINK?

POST A COMMENT

Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.