EU contemplates oil release: EU Energy Commissioner Dan Jørgensen has told Europe Today that releasing strategic oil reserves to cushion soaring prices “is a possibility”, as the US mounts pressure on EU allies to release diesel reserves or face a US export ban.
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The war in Iran and reduced refining capacity have squeezed supply, driving a sharp rise in prices for companies and consumers. US Treasury Secretary Scott Bessent has urged Europe to make new stocks available “immediately” to ease costs, saying US “farmers, truckers, and businesses should not be left carrying the burden”.
Painful at the pump: US diesel prices have surged to $7 a gallon in recent days, while Brent crude has traded between $97 and $102 a barrel since late September — up $25 to $30 from pre-war levels. The issue is a priority for President Trump ahead of pivotal midterm elections.
“We are discussing with all members of the International Energy Agency (IEA), not only the United States, when the right time is to release, because this is one of the opportunities that we have. We’ve used it before, and we’ll likely use it again,” Commissioner Jørgensen told my colleague Maria Tadeo on Thursday.
Pressure on EU governments: The decision to release stockpiles ultimately lies with EU capitals. Jørgensen told Europe Today that EU countries are discussing a coordinated release through the Paris-based IEA “as we speak”.
An EU source also told my colleague Marta Pacheco that the Commission had held a call on Thursday with several countries, including the UK, to assess different scenarios. Catch the full interview with Commissioner Jørgensen on Europe Today.
Nothing to see here, folks! Meanwhile, the European Commission has abruptly closed the debate over Ukraine’s $27 billion deficit by announcing that the country’s financial and military needs for this year are fully covered, Jorge Liboreiro writes.
“Through coordinated joint efforts, we have identified the means to cover Ukraine’s budget and defence needs for 2026,” the Commission said in a vague statement posted on Thursday by Ursula von der Leyen.
Reminder: The $27 billion funding gap in the Ministry of Defence, flagged by Kyiv in late August, prompted intense technical talks between the two sides. Brussels, though, always kept its distance from the headline figure, which EU officials considered unexpected and unexplained. Instead, the Commission urged Ukraine to focus on passing the necessary reforms to unlock the €90 billion support loan.
Jorge’s take: “The one-month saga has ended,” Jorge, who has attentively followed the talks, tells me. “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.”
Grim outlook: the focus now shifts to 2027, which looks much direr. Ukraine has identified a staggering $78 billion hole for next year: $32.6 billion for the budget and $45 billion for the military, which Russia’s escalation threatens to increase.
Brussels and Kyiv will continue discussions on the 2027 needs. The International Monetary Fund is also involved but isn’t yet ready to provide an updated number, Julie Kozack, Director of the IMF’s communications department, said.
“Beyond 2026,” Kozack said on Thursday, “the specific financing gap is going to depend on, of course, very importantly, the evolution of the war, the implementation of reforms by the authorities, economic developments and continued support from Ukraine’s international partners.
VDL’s three messages to Montenegro: Commission President Ursula von der Leyen delivered three main messages to Podgorica yesterday during her annual tour of the Western Balkans, my colleague Luca Bertuzzi writes in.
The elephant in the room: Firstly, von der Leyen pressed the country to resolve bilateral issues with Croatia, describing the disputes between the countries as “of utmost importance”. Zagreb has raised a range of issues that risk derailing Montenegro’s ambitious timeline to become the EU’s 28th member by 2028, with the Commission currently mediating.
Sort your internal divisions: Montenegrin politics has been rocked by controversy after Parliament Speaker Andrija Mandić sent public condolences after the death of Ratko Mladic in August. The Commission chief recalled that, to maintain the ambitious accession timeline, cross-party support is fundamental.
We are also getting ready: Von der Leyen also underlined that the EU needs to be ready to accept new member states, teasing next week’s pre-enlargement policy reviews. “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.
Greece pitches suspension of the EU’s right to asylum during migration crises
Athens has proposed suspending the right to apply for asylum in the EU in cases of a mass influx of irregular migrants, with Migration and Asylum Minister Thanos Plevris making the case to his EU counterparts in a ministerial meeting in Luxembourg.
The controversial measure would mark a major shift in the bloc’s migration policy, allowing migrants to be returned without an individual assessment of their asylum claims, potentially resulting in “collective pushbacks”, which are prohibited under current EU law.
Greece is pushing for the proposal to be included in the “European Emergency Response Framework”, a new law the European Commission is presenting in the coming months to tackle irregular arrivals and the instrumentalisation of migration at the EU’s external borders.
Athens has proposed a mechanism called the “Special Derogation Regime”, which would be triggered only in exceptional circumstances. The criteria would include a rapid increase in irregular arrivals, pressure on local infrastructure and evidence that migratory flows are being organised or facilitated by non-EU countries.
My colleagues Vincenzo Genovese and Luca Bertuzzi have the details.
More from our newsrooms
Kyrylo Budanov: European security without the US would be ‘very dangerous’. In an exclusive interview with Euronews’ Sasha Vakulina, the head of the Ukrainian President’s Office warned against a future European security architecture without the US and outlined Kyiv’s vision for deeper defence cooperation with Europe.
France: Media outlet publishes new antisemitic screenshots attributed to Jordan Bardella. In a second wave of revelations around Jordan Bardella, investigative outlet Mediapart has published new screenshots of antisemitic messages attributed to the RN leader, who denies writing them. Jean-Philippe Liabot has the details.
Brazil launches probe into alleged Trump administration plan to fund far-right causes in the country. Brazil’s attorney general asked the police on Thursday to investigate allegations that US President Donald Trump’s administration was using government funds to promote a “far-right agenda” in the South American country, just days before President Lula and Flavio Bolsonaro prepare to run in a consequential election. Malek Fouda has more.
We’re also keeping an eye on
- European Commission President Ursula von der Leyen wraps up her tour of the Western Balkans in North Macedonia.
- EU Justice Ministers gather in Luxembourg.
- EU foreign policy chief Kaja Kallas visits Rome. Meets Pope Leo XIV, Italian Foreign Minister Antonio Tajani and Defence Minister Guido Crosetto.
That’s it for today. Jorge Liboreiro, Luca Bertuzzi and Vincenzo Genovese contributed to this newsletter.
