nuOct 30, 2026, 06:00

EU countries release 42.6 million barrels of oil from reserves

European Union nations have agreed to release 42.6 million barrels of oil from their reserves to counteract rising energy prices. This measure follows a G7 pledge made under pressure from US President Donald Trump to increase supply and address potential diesel shortages.

European Union nations have committed to releasing 42.6 million barrels of oil from their reserves to help mitigate rising energy costs. European Commissioner Dan Jørgensen confirmed the decision following a meeting of EU energy ministers held in Luxembourg this Thursday. This collective action is part of a broader G7 agreement, initiated earlier this month, to inject 100 million barrels of oil and diesel into the market. The move follows significant pressure from US President Donald Trump, who had suggested the possibility of imposing an American export ban on diesel.

While officials anticipate a challenging winter for households facing steep energy bills, Jørgensen stated that there are no concerns regarding the overall physical availability of energy supplies. The European Energy Council plans to reconvene in December to assess the progress of this strategic release and evaluate its impact on current market conditions. By coordinating these reserves, the EU aims to stabilize prices as global demand fluctuates during the colder months.

Economy Business World

Read original ↗

Based on reporting by nu. Translated and condensed by LocalHeadlines.

Russia extends diesel export ban but allows exceptions

Russia is extending its diesel export ban to ensure domestic stability while simultaneously increasing export quotas through specific exemptions. The decision follows a recovery in production levels and a recent diplomatic agreement between Russian and American leadership regarding fuel supply.

Google cut down 250,000 trees to build data center in Finland

Google has cut down 250,000 trees in Muhos, Finland, to facilitate the construction of a large-scale data center. The project faced a temporary suspension due to missing environmental documentation, sparking a national debate about the impact of rapid tech infrastructure growth.

Warm words in Kyiv, but there is also a commercial interest at play: what is going on?

D66 Member of Parliament Sjoerd Sjoerdsma has traveled to Ukraine to lead a trade and aid mission amidst the ongoing Russian military aggression. Journalist Niels Klaassen is covering the visit, which explores the commercial motivations for engaging with the country during such a critical winter period.

Diesel drivers have been a major source of revenue for oil companies since the Iran war

Major oil companies have reported record profits driven largely by high margins on refined products like diesel. Research shows that pump prices have risen significantly faster than raw crude costs, leading to calls for increased taxation on these excess earnings.

Gas bill keeps rising, European gas price now nearly 100 euros per MWh

European natural gas prices have climbed to nearly 100 euros per megawatt-hour due to instability in the Middle East. The resulting surge in energy costs is significantly impacting household electricity and gas bills while making it increasingly expensive to replenish European gas reserves.