European Union economy · October 2026

Diesel prices in the European Union reached a record 2.24 euros per litre on October 1 as Middle East fighting affects supplies. EU energy ministers held crisis talks on releasing diesel stocks, and the EU energy commissioner said releasing strategic reserves is possible. The European Commission has forecast that the Nakhchivan railway project will strengthen the Middle Corridor. The EU cut aid to Sierra Leone over its assistance to a convicted cocaine kingpin, according to the Netherlands. New EU airline baggage rules will allow passengers two free cabin bags and introduce a €2 processing fee for online imports. A Commission official said China is driving a worrying rise in EU imports. EU watchdogs questioned Binance over unlicensed European operations.