Amman, March 17 (Petra) -- Spain’s Deputy Prime Minister and Minister for Ecological Transition and Demographic Challenge Sara Aagesen announced on Tuesday that her country will begin a large-scale withdrawal from its strategic oil reserves amounting to 11.5 million barrels as part of a coordinated international move led by the International Energy Agency.
The Spanish minister’s remarks come in parallel with a decision by the International Energy Agency to release 400 million barrels from the strategic reserves of its member states.
The measure comes in direct response to severe disruptions in maritime trade routes, particularly in the Strait of Hormuz, which has witnessed military tensions that have hindered crude flows from the Arabian Gulf region to European and global markets.
Minister Aagesen said in press statements that the release will be carried out gradually and in a calculated manner over 90 days, to provide sufficient oil liquidity in the markets.
The move is primarily aimed at absorbing shocks resulting from the sharp rise in global prices and ensuring the continued supply of fuel to the domestic market, particularly amid concerns over a potential shortage in oil supply.
//Petra// AF
