Saturday, April 1

Spain will release two million barrels of oil from its strategic reserves due to shortages due to the war in Ukraine

The Council of Ministers has approved an agreement by which two million barrels of oil will be released from the minimum security stocks of oil products.

Oil exceeds 110 dollars for the first time in eight years due to the war in Ukraine and without a response from Opec

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At a press conference, the minister spokesperson, Isabel Rodríguez, pointed out that this measure is part of “coordinated action with the International Energy Agency (IEA) and that it tries to “give security and calm to the markets.”

Last Tuesday, the IEA agreed to release 60 million barrels of oil from the strategic reserves of its members around the world to ensure that there will be no supply problems after the Russian invasion of Ukraine.

Specifically, these two million barrels of oil that Spain will release represent 2.6 days of the country’s reserves, thereby reducing the obligation of minimum security stocks of oil products from 92 to 89.4 days.

This release of minimum stocks is established for a period of one month and the measure will be applied “on an urgent and extraordinary basis”, coming into force on the same day of its publication in the Official State Gazette (BOE), Rodríguez indicated, adding that the decision is contemplated within the National Plan for Response to the Impact of War announced last Wednesday by the Prime Minister, Pedro Sánchez.

“It is an issue that was addressed in the Council of Energy Ministers of the EU last Monday and it was agreed that the preferential destination of these reserves is Ukraine,” he said.