European Nations to Release 42 Million Barrels of Emergency Oil Over Three Months

European governments have committed to releasing 42 million barrels of emergency oil stocks over the next three months to curb soaring fuel prices ahead of winter. The initiative releases about 460,000 barrels per day, half of which is diesel, under an IEA-coordinated G7 plan to release up to 100 million barrels over four months. France is contributing 10 million barrels of diesel at cost to reduce fuel prices by 12 to 18 cents per liter. The intervention follows emergency EU talks responding to natural gas climbing to €100 per megawatt-hour, gas storage dropping to 75%, and record-high diesel prices.