EU leaders confront rising energy prices and budget cuts at Brussels summit

European Union leaders gather in Brussels for a two-day summit on October 15-16, 2026 that opens on energy prices and competitiveness. Oil remains above $100 per barrel and gas is at its highest since winter 2022, with storage below average. Italy and Greece want fiscal flexibility for temporary targeted relief. A windfall tax on energy companies lacks broad support. Some governments warn loosening rules could slow the green transition. For the 2028-34 budget, the Commission proposed about €2 trillion; Germany calls that too high. An Irish presidency plan cuts €141 billion from the draft, affecting research, technology, climate, security and foreign policy. Austerity-focused states want deeper cuts; cohesion-focused states say cuts already go too far. The EU reports an about €1 billion daily trade deficit with China. Preliminary concessions on hybrid vehicles, rare earths, permanent magnets and market access followed Beijing talks last week. Volodymyr Zelenskyy is expected to brief on Ukraine's winter needs. Migration is set for a second-day working lunch, with defense, enlargement and hybrid threats also listed. Rated coverage here is left-leaning only; no center or right-rated outlets were found.