EU emergency oil stocks stand at 103.5 million tonnes in July 2026, extending a decline that begins after a recovery in the first quarter of the year. The bloc's commercial oil stocks move in the opposite direction, rising to 52.5 million tonnes and adding a secondary buffer for supply security.
Highlights
- EU emergency oil stocks declined 2.5% month on month and 4.2% year on year in July 2026, while commercial stocks rose 5.7% and 10.6% respectively.
- Thirteen EU countries, including Italy, Netherlands, and Austria, reported emergency stocks below legal minimums in July 2026, raising potential energy security concerns.
- Germany leads with 20.0 million tonnes in emergency oil stocks and 11.2 million tonnes in commercial stocks, followed by France, Spain, and Italy.
July stock levels and composition
As reported by Eurostat, emergency oil stocks in the EU fall 2.5% from June 2026 and 4.2% from July 2025, while commercial oil stocks rise 5.7% month on month and 10.6% year on year in July 2026.Emergency stocks are mostly made up of crude oil, at 43.7 million tonnes, gas and diesel oil, at 36.5 million tonnes, and gasoline, at 9.8 million tonnes. In 2025, emergency stocks remain largely stable around an average of 108.5 million tonnes before dropping to 105.5 million tonnes in December, then recovering in the first quarter of 2026. From March 2026 onwards, they remain on a downward trend.
EU law requires member states to maintain minimum emergency stocks of crude oil and petroleum products because crude oil and refined fuels remain critical to the bloc's economy and energy security, particularly given its import dependence.
Country positions and supply security impact
In July 2026, 13 EU countries register crude oil and petroleum product stocks below the minimum emergency stock levels: Bulgaria, Czechia, Ireland, Croatia, Italy, Cyprus, Latvia, Lithuania, Austria, Portugal, the Netherlands, Malta and Romania.Germany holds the largest volume of emergency oil stocks at 20.0 million tonnes, followed by France with 16.4 million tonnes, Spain with 14.2 million tonnes and Italy with 9.4 million tonnes. Germany also records the highest commercial oil stocks at 11.2 million tonnes, ahead of the Netherlands with 10.0 million tonnes, Italy with 5.8 million tonnes, France with 3.9 million tonnes and Poland with 3.5 million tonnes.
Commercial stocks, which countries report for holdings kept by economic operators for operational and commercial needs within national territory, can also be used in case of need alongside emergency stocks. Their share exceeds half of total crude oil and oil products available in six EU countries: the Netherlands at 70.7%, Hungary at 58.9%, Croatia at 54.9%, Sweden at 52.2%, and Denmark and Lithuania at 51.9% each.
As highlighted earlier, record tanker rates have pushed crude shipping costs higher, adding pressure to global fuel prices.
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