EU Releases 42.6 Million Barrels of Oil to Stabilize Prices
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The European Union (EU) has announced the release of 42.6 million barrels of oil from its strategic reserves over the next few months, with half of this volume being diesel. This decision, made by 12 EU countries, aims to stabilize energy markets and ease prices ahead of winter. The release is part of a G7 commitment to release up to 100 million barrels over the next four months. The EU's energy commissioner, Dan Jorgensen, stated that while high oil and gas prices may cause difficulties for people, there is no threat of fuel shortages this winter.
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