Spain plans to release four million barrels of oil of its reserves as part of the 120 million barrels that the members of the International Energy Agency (IEA) They have promised this Thursday to release to stop the rise in crude oil prices, which have skyrocketed by the war in Ukraine.
IEA members have already decided on a new release of reserves last week, but it was still to come decide the odds and the exact number. The United States will be the country that releases the most barrels, with 60 million.
US allies follow suit: IEA will release more oil to curb prices
Europa Press
The energy ministers of the IEA member countries have stressed that the war in Ukraine continues “producing significant tensions in the markets
These 60 million released are part of the 180 million barrels that the country announced that would sell from its Strategic Reserve from Petroleum. In this way, if to this amount are added the commitments of another 60 million barrels of the rest of the members of the IEA, during the next six months they will be put on the market 240 million barrels of additional crude oil, one million a day.
“The unprecedented decision to launch two releases from ‘stock’ barely a month apart, and on a scale not seen before in the history of the IEAreflects the determination of member countries to protect global economy of the social and economic impacts of an oil ‘shock’ as a result of Russia’s aggression against Ukraine”, stressed the organization’s executive director, Fatih Birol.
The IEA decalogue to save on gasoline: slow down on highways and more telecommuting
EFE
The International Energy Agency calculates that, if applied in developed countries within four months, they would save 2.7 million barrels per day
Among the rest of the IEA members, stand out Japan’s releases (15 million barrels) or South Korea (7.23 million). Among the rest of the large euro economies, Germany will release 6.48 million barrels; France, 6,047 million; and Italy, five million.
The emergency oil reserves of the IEA member countries are of two types: public ‘stocks’ in entities under government control or ‘stocks’ maintained by the industry but with the obligation to be available to the country. In the first case, the release can be done through offers or loans to the market, which will be launched in the coming weeks or months, depending on the specifics from each country.
In the case of ‘stocks’ stored by the industry, governments should only issue a decree in which the mandatory storage limits are lowered, putting the rest of the volumes to disposal of consumption and the market.