Madrid: Spain's Deputy Prime Minister and Minister for Ecological Transition and Demographic Challenge, Sara Aagesen, announced on Tuesday that the country will initiate a significant withdrawal of 11.5 million barrels from its strategic oil reserves. This action is part of an international effort led by the International Energy Agency (IEA) to stabilize global oil markets.
According to Jordan News Agency, this announcement aligns with the IEA's decision to release a total of 400 million barrels from the strategic reserves of its member countries. The move is a response to disruptions in maritime trade routes, particularly in the Strait of Hormuz, where military tensions have impacted the flow of crude oil from the Arabian Gulf to European and global markets.
Minister Aagesen stated in press briefings that the withdrawal will be executed gradually over a 90-day period to ensure a steady supply of oil in the markets. This strategy aims to mitigate the impact of rising global oil prices and to secure the domestic market's fuel needs amidst concerns of a potential oil supply shortage.
The coordinated release is designed to absorb market shocks and maintain fuel availability, thereby addressing the challenges posed by recent geopolitical developments affecting global oil supply chains.