News · CafeF

EU speeds up release of 42.6 million barrels of strategic oil ahead of winter

The EU will accelerate the release of 42.6 million barrels from its strategic oil reserves in the coming months to stabilise the diesel market before winter, with about half of that being diesel. EU Energy Commissioner Dan Jorgensen said the bloc expects a difficult winter due to high gas and oil prices amid the situation in the Middle East, though there is no direct threat of an energy shortage. EU member states may temporarily use targeted subsidies to support consumers facing high energy prices. Euronews reported that the EU's monthly spending on imported oil rose by 9.9 billion euros in the second quarter of 2026 to 27.6 billion euros, 55.8% higher than a year earlier, compared with an estimated 17.7 billion euros per month in 2025.

Summary written by Upside AI from the original article. Read the source for full details.

Original headline: EU tăng tốc xả 42,6 triệu thùng dầu chiến lược trước mùa Đông

Read the original on CafeF ↗

Keywords

oil pricesEuropenatural gasenergy security

Open a keyword to see other news on the same topic.

Related news

  • EU Gas Prices Hit 4-Year High

    European wholesale gas prices topped 97 euros per megawatt-hour on October 26, the highest since December 2022, as EU gas storage was only 74.62% full on October 25. LNG flows through the Strait of Hormuz remain about 80% below pre-conflict levels following the US-Israeli war on Iran. Trading Economics forecasts 98.20 euros/MWh by the end of Q4 2026, while in the UK one-month gas futures rose 4%, and Brent is around 115 USD a barrel. EDF expects UK household energy bills to rise 27% in January 2027, lifting the average annual bill to nearly 2,200 pounds (2,940 USD). Berlin plans to ask households and businesses to contribute over 3 billion euros across 10 years to an emergency gas reserve, while the EU's Russian gas share fell from about 45% in 2021 to about 12% in 2025.

    CafeF·▼ EUR/USDnatural gasEuropeoil prices
  • Putin: The EU Is Undermining Its Own Economy

    Russian President Vladimir Putin said the EU is damaging its own economy by rejecting Russian energy supplies and cancelling long-term contracts, speaking at the 8th Gas Exporting Countries Forum summit in Moscow on October 27. He also accused Europe of hypocrisy, noting its modern economy was built on coal and hydrocarbons while it now restricts developing countries from using them. The article says European gas prices hit their highest level since December 2022 on October 26, briefly topping 97 euros (108 USD) per megawatt-hour, amid supply disruptions linked to the Iran war and colder weather forecasts. Germany, Europe's largest industrial economy, suffered two consecutive years of recession in 2023 and 2024, and its industry is losing about 15,000 jobs a month, according to a July 2026 warning from the Federation of German Industry. Rising living costs and stagnant wages have also sparked protests in France, Belgium, Italy and other countries.

    CafeF·▼ EUR/USDnatural gasEuropeRussia
  • Russia issues stark warning: 'Europe has no other choice'

    Russian Deputy Prime Minister Alexander Novak warned that Europe will struggle to fully make up for lost gas supply if it keeps cutting Russian volumes, amid instability in the Strait of Hormuz and disrupted production at a Qatari LNG facility that halted after attacks in March. He said the EU's LNG import ban, effective January 1, 2027, makes little sense while supply is tight, and that European consumers would bear the consequences. Novak estimated European gas reserves are about 10% below the average of previous years, and Reuters forecasts storage will reach only about 75–78% of capacity by November, well below the five-year average. Still, Russia supplied about 12 million tonnes of LNG to Europe in the first nine months of 2026, higher than a year earlier, as European buyers rush to purchase and stockpile before the ban. The EU has adopted a roadmap to end Russian gas imports, banning long-term LNG contracts from January 1, 2027 and phasing out pipeline gas during 2027.

    CafeF·natural gasRussiaEurope
  • EC President proposes EU strategic gas reserve

    European Commission President Ursula von der Leyen has proposed that EU leaders consider creating an EU-wide strategic gas reserve at the EU summit in Brussels, according to Politico, though officials have not yet clarified its form. The idea comes as Europe's gas storage sits at record lows after summer gas prices rose amid the Middle East conflict, and the bloc may enter the heating season with storage only 70-75% full. Member states must fill storage to 90% between October 1 and December 1, with a 10% flexibility margin, but the Commission is prepared to lower the target to 80% this year given a forecast for a very mild winter. Reaching the goal would require at least 68 billion cubic meters of net gas injections for the 2026-2027 season.

    CafeF·natural gasEuropeenergy security
  • Govt . to fund half the cost of deepwater wells , recover money from winners

    India's government will fund up to 50% of the cost of risky deepwater exploration wells under the 84,084 crore rupee Samudra Manthan scheme, to be repaid from revenue if a well finds oil or gas; if nothing is found, the State absorbs the loss. Repayment starts after seven years of commercial production or once the operator recovers 50% of its exploration and development costs, whichever comes first, in annual instalments without inflation indexation. The scheme covers 60 deepwater and ultra-deepwater wells: 56 exploration wells get up to 50% of actual cost, capped at 675 crore rupees each, and four stratigraphic wells get up to 100%, capped at 1,350 crore rupees each, with well support potentially reaching 43,200 crore rupees. Only state-run firms or consortia they lead can apply, only blocks awarded under the Revenue Sharing Contract regime since 2016 qualify, and development and sidetrack wells are excluded. A separate track offers viability gap funding for shared infrastructure to link small or stranded discoveries, initially in the Mahanadi basin.

    thehindu.com·oil pricesnatural gasIndia
  • Russia delivers good news for dozens of countries around the world

    Russian Energy Minister Sergey Tsivilyov said natural gas remains key to global energy security, especially for developing countries, where access to supply, infrastructure, technology and investment supports industrialization and living standards. After the GECF Ministerial meeting, a draft Moscow Declaration was agreed on three principles: energy justice, technology neutrality, and equal, non-discriminatory access to energy sources and technologies. The declaration sets cooperation areas including developing new gas markets in Africa and other developing regions, long-term financing for infrastructure projects, and technology exchange and digital solutions, including artificial intelligence (AI). Tsivilyov stressed that lasting, mutually beneficial relationships need predictable market rules, long-term contracts and fair risk-sharing.

    CafeF·natural gasenergy securityRussia

Related markets

Currencies →Gold →

Latest news

  • Tech firms take fresh hit as disappointing earnings fan AI fears

    Tech stocks extended losses on Friday after disappointing earnings from major Wall Street firms, with concerns over the AI investment boom deepening. AI-linked shares fell sharply after Amazon's quarterly report missed analysts' expectations for profit and revenue, while Intel's forecast fell short of estimates due to weak PC processor demand and supply chain problems. Alphabet, Google's parent, plunged more than 12% and Intel dropped 23%, while the Nasdaq finished down more than 1%. In Asia, SK hynix fell more than 7%, Kioxia shed more than 7%, and Seoul dived more than 3%. Oil rose on fears of escalating US-Iran hostilities, with Brent heading towards $120 a barrel for the first time since April, while Bitcoin fell around 5% to a one-month low of around $76,400 after Binance said it was hit by a hack affecting more than $6 billion in funds.

    Yahoo Finance·▼ AMZN▼ QQQ▼ SPYtech stocksartificial intelligenceearnings
  • Proposal to ban "flipping" of off-plan home sale contracts

    Delegate Lê Thanh Hoàn (Thanh Hoá delegation) proposes banning the transfer of contracts for future-formed housing in the draft amended Law on Real Estate Business, to curb speculation and price inflation. He argues that such transfers are in substance transfers of contract positions rather than physical homes, and that repeated resales can push prices at handover to 1.5 to 2 times the original price, squeezing out genuine homebuyers. He cites China, which does not allow resale before handover and land certificate issuance, and South Korea, which bans such transfers in major speculation-controlled cities for 3-10 years or until completion. Delegate Nguyễn Ngọc Sơn (Hải Phòng City delegation) notes that the draft caps deposits at 5% and allows collection only once business conditions are met, to protect buyers' advance payments.

    CafeF·▼ DIG▼ DXG▼ PDR▼ KDHreal estatehousing
  • Binance Finds 'Additional Points of Breach' in $6.3B Hack

    Binance estimates the total impact of Thursday's security incident at around $6.3 billion, with about $3 billion frozen onchain. The exchange initially pointed to a compromised DevOps engineer's laptop but now says its investigation has uncovered 'additional points of breach.' Binance said it will cover all losses from its SAFU fund and company funds, and has reopened deposits while withdrawals remain suspended during a security revamp. Blockchain analytics firm Arkham put the haul at $6.01 billion taken from Binance hot wallets across nine blockchains, of which $2.80 billion was frozen by issuers and $2.9 billion could still be moved. Binance said it has found no evidence of any wallet private key leak.

    Decrypt·▼ BNB/USDT▼ BTC/USDT▼ ETH/USDTcryptocybersecurityBinance
  • Nasdaq futures tumble; Binance suffers massive hack - what’s moving markets

    Nasdaq 100 futures slumped 646 points, or 2.2%, early Friday, extending the prior session's 1.38% decline in the Nasdaq Composite as Amazon and Intel earnings added to concerns over massive AI spending. Alphabet had its worst day ever on Thursday, losing more than half a trillion dollars in market value, while Microsoft completed a $25 billion bond offering to help fund its AI ambitions. Binance said $6.3 billion was stolen in a hack, about half of the affected assets were frozen by stablecoin issuers such as Tether and Circle, and Bitcoin fell 2.6% to $78,001.8. Amazon shares fell more than 6% and Intel shed more than 25% premarket, after Intel forecast fourth-quarter sales of $15 billion to $16 billion, below the $17 billion estimate. The Bank of Japan kept its rate at 1.25% and said it will speed up its sale of stock.

    Yahoo Finance·▼ BNB/USDT▼ QQQ▼ SPY▼ BTC/USDTNasdaqcryptotech stocks
  • Elon Musk vs. Jensen Huang: Who Is Right About CoreWeave?

    CoreWeave's debt yield has risen to about 15%, placing its debt at distressed levels, while CRWV shares have fallen 27% since October and are 65% below their all-time high set after the spring 2025 IPO. Nvidia CEO Jensen Huang says he is optimistic about CoreWeave's future and that its cost of capital is going down, whereas Elon Musk predicts that more than 200 neocloud providers will face “guppy-level death” in the next few years. Musk has directed his companies not to do business with cloud providers that have no other income, citing concern they may be unable to repay their debts. The article notes the market is siding with Musk, though those reviewing CoreWeave's finances to set lending rates appear confident the company will be fine, and its Q3 results are expected early next month. The author argues investors should be patient and wait for more clarity from the company's earnings call.

    Yahoo Finance·• NVDACoreWeavecloud computingElon Musk
  • The Magnificent 7 stocks are seeing stunning declines

    Seven major tech stocks (Apple, Microsoft, Nvidia, Amazon, Tesla, Meta and Alphabet) are trading well below their 52-week highs. Meta and Alphabet are effectively in bear markets, down more than 20%, while Tesla is off 19.2%, Amazon 15.1% and Nvidia 12.2%. The article says Meta, Alphabet, Amazon and Tesla fell after earnings showed pressured free cash flow amid aggressive AI spending, while Nvidia faced fears that hyperscalers will pull back in 2027. Apple and Microsoft held up for company-specific reasons: Microsoft posted positive free cash flow and strong Azure sales growth, while Apple is seen as a cash-rich hardware play rather than an AI play. BTIG strategist Jonathan Krinsky said there is too much weakness in tech for the market to ignore.

    Yahoo Finance·▼ QQQ▼ SPY▼ AAPL▼ AMZNtech stocksartificial intelligenceMETA

All news →

Get the briefing on Telegram or Zalo

Join the Upside Telegram channel or Zalo group for the Vietnam stocks and gold briefing at 8:00 and 19:00 (Vietnam time) on trading days, plus a weekly wrap on Saturday morning.