China’s National Food and Strategic Reserves Administration said the country has released its gasoline and natural gas reserves to increase supply levels and maintain price stability in some regions.

The European Commission said on Monday its upcoming proposal to reform the power market will aim to better protect consumers from short-term energy bill hikes. The EU is attempting to avoid a repeat of last year, when Russia’s gas supply cuts drove European electricity prices to record levels, causing household electricity bills to skyrocket and forcing some industries to shut down. The commission has laid out a number of plans to overhaul the way power plants sell electricity after a public consultation on Monday, as part of its market reform proposal in March. 

Saudi Arabia and other major producers of oil are set to ease oil production cuts in August. The oil demand begins to rise again after the coronavirus lockdowns ease. OPEC and Russia had cut productions in April, which later extended to July.