The European Union held 103.5 million tonnes of emergency oil stocks in July 2026, according to data released November 12. That was 2.5% less than in June and 4.2% below July 2025. The release describes July holdings, not the amount available on the publication date.

Commercial stocks moved in the other direction. They reached 52.5 million tonnes, up 5.7% in a month and 10.6% from a year earlier. These are stocks held by operators for their operational and commercial needs, reported separately from emergency reserves.

Germany reported the largest emergency holding, 20.0 million tonnes, followed by France at 16.4 million and Spain at 14.2 million. Crude oil and gas or diesel oil made up the largest parts of the EU emergency total. The contrasting trends illustrate why an increase in commercial inventories does not mean that emergency reserves also increased.