EU Oil Reserve Release Won't Avert Fuel Crisis, Experts Warn

Oil markets remain volatile due to ongoing conflicts in the Middle East and Ukraine. Recent attacks on oil tankers and refineries in the Persian Gulf have raised concerns about global production and prices.

In response, US President Trump has pressured the European Union to release 100 million barrels of petroleum from its reserves over four months. However, experts argue that this move will not significantly impact gasoline and diesel prices.

The world consumes approximately 104 million barrels per day, while global production is around 106 million barrels per day, resulting in a slight surplus. The released reserves are equivalent to only about 820,000 barrels a day, which is relatively small compared to the global market.