Spain will activate this October a second phase of the release of strategic oil reserves, with the market introduction of 4.4 million barrels. This action is framed within the commitment made last March within the International Energy Agency (IEA) to mitigate the impact of the crisis in the Middle East on supply and prices.
Sources from the Ministry for Ecological Transition and the Demographic Challenge indicated that, at this moment, "considering the situation in international markets, the IEA countries have decided to accelerate the release of the remaining reserves."
After these two phases of reserve release that have already been executed, just over three million barrels of the amount initially committed by Spain would remain pending, a volume that would be "subject to continuous analysis of the situation," the same sources pointed out, leaving the door open for new adjustments depending on the evolution of the international context.
On March 17, the Council of Ministers, at the proposal of the Ministry for Ecological Transition and the Demographic Challenge, gave the green light to the release of up to 11.5 million barrels of crude oil. This figure is part of the agreement reached by the member countries of the IEA to make 400 million barrels of oil available to the market over 90 days, in order to address the impact derived from the war in Iran and the conflict in the Middle East. All this volume would come from the reserves currently held by the industry, distribution companies, and oil operators.
Within those 11.5 million barrels planned, 2.2 million corresponded to gasoline, nine million barrels to middle distillates -automotive diesel and other diesels, as well as the kerosenes used in aviation- and about 297,000 barrels to fuel oils.
The release schedule was designed in a staggered manner. A first phase already executed injected into the market the equivalent of four days of national consumption, that is, 3.75 million barrels, while the subsequent phases would be conditioned to the evolution of events in the region and in energy markets.
Like Spain, other IEA members decided to make a part of their strategic reserves available to the market and reserve the rest to release it gradually, depending on how prices and supply reacted.
The purpose of this coordinated strategy was to cushion the impact of the conflict triggered by the United States and Israel in the Middle East on the cost of fuels for consumers and businesses.