Spain: The government approved the release of 11.5 million barrels of strategical oil reserves

The Spanish Government decided at its Tuesday gathering to release 11.5 million barrels of strategical oil reserves in the face of the crisis caused by the US and Israel's attack on Iran and the blocking of the Ormuz Strait by Tehran.

The amount of reserves released corresponds to about 12 days of national demand. This besides represents almost 3% of 400 million barrels, which the global Energy Agency (IAE) decided to release on 11 March. Spain is simply a associate of this body.

According to the press conference, the Minister of Energy Transformation Sara Aagesen, the release of the reserves, which is intended to ease the price increase caused by the conflict in the mediate East, will take place in stages and the first tranche will be launched within 15 days.