Europe is again forced to open strategic reserves of oil and diesel. G7 agreed to release 100 million barrelstrying to stop rising prices after new energy shock.
For Greece, this is no longer a story about Brussels: expensive fuel and electricity are gradually turning into more expensive everyday life.
Briefly about the main thing
- G7 agreed to release 100 million barrels oil and oil products from emergency reserves;
- The EU admits that diesel supplies remain stable for now, but prices are high due to global market tensions;
- The United States actively put pressure on European governments to use reserves;
- the Greek market is already showing strong volatility in refinery selling prices;
- For Greece, the main risk is not only the price at the pump, but also a further increase in the cost of transportation, goods and services.
Europe is drawing oil from reserves again
According to ReutersG7 countries agreed to release 100 million barrels diesel and crude oil from strategic reserves under the coordination of the International Energy Agency.
The decision was made against the backdrop of a sharp rise in fuel costs and tensions in the oil products market after the war over Iran, problems with supplies from the Middle East, restrictions on Russian exports and a reduction in supply from China.
The European Commission directly admits: physical supplies of diesel to the EU remain stable, however prices remain high due to global supply shortage. European refineries are operating close to capacity.
Trump: “Europe is being eaten alive”
Against this background, Donald Trump’s statement sounded especially harsh. Speaking in Texas on October 1, the US President said about Europe: “Look what happened to her. She’s being eaten alive.”.
Trump on Europe:
Look at what’s happened to Europe. They’re being eaten alive. pic.twitter.com/MkdyMld0OG
— Clash Report (@clashreport) October 1, 2026
The phrase was part of a broader political and economic speech, but it came almost simultaneously with American pressure on Europe on the issue of fuel reserves.
Reuters reported that Washington demanded that France and Germany begin releasing diesel reserves and even allowed restrictions on American fuel exports if European countries did not cooperate.
Europe itself has become more vulnerable
The current crisis did not arise out of nowhere. After 2022, the EU has consistently reduced its dependence on Russian energy resources and restructured supply routes. The European Commission views this policy as an element of energy security and diversification.
Critics of this strategy point to the other side: the abandonment of previous supplies has made Europe more dependent on long routes, external suppliers and global conditions. With the Middle East once again in crisis, this vulnerability emerged particularly quickly.
That is why the debate about who is “to blame” will be political. But the result for the consumer is much simpler: Europe is buying energy at a higher price and is forced to use emergency reserves to keep prices down.
What’s happening in Greece
The Greek market is already showing how nervous the situation has become.
According to Federation of Greek Gas Station Ownersthe forecast for changes in refinery selling prices looked like this:
- September 30: gasoline −€3/m³petroleum products −€6/m³;
- October 1: −€13/m³ in both categories;
- October 2: gasoline −€3/m³petroleum products −€2/m³;
- On October 3, a new upward reversal was expected: +€2/m³ And +€3/m³.
That is, we are not yet talking about a calm and sustainable decline. The market is literally rushing from side to side.
Why the price of diesel is more important than it seems
Diesel is not just a car.
It operates trucks, logistics, a significant part of commercial vehicles, agricultural machinery and many other parts of the economy. Therefore, an increase in the cost of diesel quickly turns into an increase in delivery costs – and then the price of the product on the shelf.
For Greece, this effect is especially sensitive due to island logistics, transportation and the dependence of many regions on road transport.
Therefore, the next increase in fuel is not only a few euros extra when filling up. This is potentially more expensive products, more expensive services, more expensive transportation and a new round of inflation.
100 million barrels – salvation or delay?
The G7 decision has already put pressure on oil and diesel prices, but strategic reserves, by definition, are not an endless source of cheap fuel.
They may buy time and smooth out the surge, but they do not address the root causes: supply instability, geopolitical risks, export restrictions and structural problems in the European refining market.
Editorial commentary from the Athens News. Europe once again finds itself in a situation where ordinary families are beginning to count the costs of big political decisions. One can argue for a long time how much responsibility lies with sanctions, the war in the Middle East, Washington or the energy policy of the EU itself. But for the Greek consumer, the question is much simpler: how much will gasoline, food, electricity, and electricity cost tomorrow? how to survive until payday after all this?.
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