EU Energy Commissioner Dan Jørgensen said Thursday that releasing strategic oil reserves to cushion soaring prices “is a possibility.” Washington is pressing European allies to release diesel stocks or face a U.S. export ban.
“We’ve used it before, and we’ll likely use it again,” Jørgensen told Euronews’ Maria Tadeo. EU countries, he said, were discussing a coordinated release through the Paris-based International Energy Agency. But the decision, he stressed, belongs to EU capitals, not Brussels.
The Price Pressure
An EU source said the European Commission spoke by phone Thursday with several countries, including the UK, to assess different scenarios. The war in Iran and reduced refining capacity have squeezed supply. Companies and consumers are paying more.
U.S. Treasury Secretary Scott Bessent urged Europe to make new stocks available “immediately.” He said U.S. “farmers, truckers, and businesses should not be left carrying the burden.” U.S. diesel prices surged to $7 a gallon in recent days. Brent crude has traded between $97 and $102 a barrel since late September, up $25 to $30 from pre-war levels. President Trump considers the issue a priority ahead of midterm elections.
Ukraine’s Bills Keep Coming
The European Commission said Ukraine’s financial and military needs for 2026 are fully covered, ending debate over a $27 billion deficit. “Through coordinated joint efforts, we have identified the means to cover Ukraine’s budget and defence needs for 2026,” the Commission said in a statement Ursula von der Leyen posted Thursday.
Kyiv flagged the $27 billion gap in its Ministry of Defence in late August, prompting technical talks. EU officials considered the headline figure unexpected and unexplained. The Commission urged Ukraine to pass reforms to unlock the €90 billion support loan.
Jorge Liboreiro wrote, “The one-month saga has ended.” He added: “It was evident from the start that the Commission didn’t want to be associated with, let alone be held responsible for the $27 billion. The loan is barely one year old. Reforms are stuck in the Rada. It’s way too soon to talk about fresh money.”
Attention is already shifting to 2027. Ukraine has identified a $78 billion shortfall for next year: $32.6 billion for the budget and $45 billion for the military. Russia’s escalation could raise the military need. Brussels and Kyiv will continue talks. The International Monetary Fund is involved, but wasn’t ready to give an updated figure. Julie Kozack, Director of the IMF’s communications department, said the financing gap beyond 2026 would depend on the evolution of the war, reforms by the authorities, economic developments and continued support from Ukraine’s international partners.
Kyrylo Budanov, head of the Ukrainian President’s Office, told Euronews’ Sasha Vakulina that European security without the United States would be “very dangerous.” He outlined Kyiv’s vision for deeper defence cooperation with Europe.
Greece Tests the Asylum Rulebook
On migration, Greece proposed suspending the right to apply for asylum in the EU during a mass influx of irregular migrants. Migration and Asylum Minister Thanos Plevris presented the plan to EU counterparts at a ministerial meeting in Luxembourg.
The measure could permit returns without individual assessments of asylum claims. That could produce “collective pushbacks,” which current EU law prohibits. Athens wants the measure written into the European Emergency Response Framework, a law the Commission is preparing to present in the coming months. The framework aims to address irregular arrivals and the instrumentalisation of migration at the EU’s external borders.
Greece proposed a “Special Derogation Regime” for exceptional circumstances. These include a rapid increase in irregular arrivals, pressure on local infrastructure and evidence that non-EU countries are organising or facilitating migration flows.
Enlargement Moves On
In Podgorica, von der Leyen delivered three messages during her annual tour of the Western Balkans. She urged Montenegro to resolve bilateral disputes with Croatia, calling them “of utmost importance.” Zagreb has raised issues that risked derailing Montenegro’s ambition to become the EU’s 28th member by 2028. The Commission is mediating.
She also said cross-party support was fundamental to keeping the accession timeline, after controversy over public condolences Parliament Speaker Andrija Mandić sent following Ratko Mladic’s death in August. “We will look at our institutions, our policies, our budget, what has to be done to be ready to welcome a new member state and to make sure that our union is ready to become larger,” she said. Pre-enlargement policy reviews are expected next week.
Why This Matters: Several fiscal and sovereignty questions land at once. National capitals decide stock releases, so each government answers to its own voters for both price relief and the security cost. Ukraine’s 2027 shortfall of $78 billion points to continued demands on member-state budgets, while the Commission itself is pressing for reforms before new money. Greece’s proposal brings the border question into the design of an EU law still being drafted, and would require changes to rules that currently bar collective pushbacks. Enlargement planning, with its review of EU budget and institutions, adds another claim on taxpayers. From a centre-right perspective, the common thread is accountability: who decides, who pays, and who answers to voters.