EU emergency oil stocks fall as commercial inventories rise in July data

The EU held 103.5 million tonnes of emergency oil stocks in July, down 2.5% from June and 4.2% from a year earlier, Eurostat reported on 12 November. Emergency inventories had been declining since March, following a recovery during the first quarter.

Commercial inventories moved the other way, reaching 52.5 million tonnes. That was 5.7% above June and 10.6% above July 2025. These stocks are held by businesses for their operational and commercial needs, separately from emergency reserves.

Germany held the largest emergency reserve, at 20 million tonnes, followed by France at 16.4 million and Spain at 14.2 million. Crude oil and diesel-related products made up most emergency holdings. The figures describe July inventories, rather than current November supplies.