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BackEuropean Commission warns of difficult winter amid high energy prices
European Commission warns of difficult winter amid high energy prices
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TASS58 minutes agoBusiness1 min readRussia

European Commission warns of difficult winter amid high energy prices

energy priceswinterstrategic reserves

Quick Look

European Commission Spokesperson Anna-Kaisa Itkonen warned of a difficult winter for Europe due to high energy prices, welcomed the release of 50 million barrels each of oil and diesel from EU and G7 strategic reserves to shield households and businesses from price shocks, and noted the move was made under U.S. pressure to release up to 120 million barrels of diesel or face export bans, with a TASS source warning such actions could cause the EU's first-ever physical fuel shortage forcing use of strategic reserves.

AI-generated summary

Why It Matters

Europe is facing high energy prices heading into winter, prompting the EU and G7 to release strategic oil and diesel reserves to mitigate price shocks for households and businesses.

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BRUSSELS, October 5. /TASS/. With energy prices as high as they are, Europe has a "difficult" winter ahead of it, European Commission Spokesperson Anna-Kaisa Itkonen said.

"We are heading towards a very difficult winter in terms of energy prices," she told a briefing.

Itkonen welcomed the decision by EU and G7 countries to release 50 million barrels of oil and 50 million barrels of diesel from their strategic reserves to the market. She said that this was done to shield "households and businesses alike from price shocks."

In reality, this was done under pressure from the United States, which demanded that its allies release up to 120 million barrels of diesel to reduce prices. Otherwise, Washington threatened to ban diesel exports to drive down prices on the American market.

A source earlier told TASS that under the current conditions, such a step would, for the first time in the EU's history, lead to a physical shortage of fuel supplies, which would force Europe to use its strategic reserves.

What to Watch

AI outlook — possibilities, not facts

  • Europe may experience its first physical fuel shortage in history if reserve releases fail to meet demand

    Possible · Within weeks

Open Questions

  • Will the release of reserves actually prevent a physical fuel shortage in the EU?
  • How will the U.S. respond if European fuel supplies deteriorate despite the reserve releases?
  • What is the long-term impact on transatlantic energy cooperation?

Related Topics

energy prices
PeopleAnna-Kaisa Itkonen
OrganizationsEuropean CommissionUnited States
PlacesBrusselsEurope
Topicswinterstrategic reservesoildieseleug7
This article was originally published by TASS.

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