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Spain releases 4 million barrels of oil from safety stock

The Official State Gazette (BOE) publishes the agreement by which they are issued four lakhs Barrels of minimum safety stock…

By admin , in news , at June 3, 2022

The Official State Gazette (BOE) publishes the agreement by which they are issued four lakhs Barrels of minimum safety stock of petroleum products, within the framework of the second coordinated action of the International Energy Agency (IEA) in response to the war in Ukraine.

was adopted by the agreement council of ministers At its meeting on 17 May, the Minister for Ecological Transition and Demographic Challenge, Teresa Ribera, on the proposal, says the BOE.

stock for 89.4 days

On March 4, the Council of Ministers agreed to the release of two million barrels of oil by Spain from the already existing minimum security stock in our country, passing the obligation 92 days to 89.4 days,

This is within the framework of the IEA’s coordinated response plan in the global market as a whole. 60 million barrels of oil, BOE explains.

It was based on the geopolitical situation in Europe as a result of the invasion of mass action. Ukraine Volatility in the international market for oil and oil products by Russia and.

The agreement includes: reserve corporation strategic petroleum products (CORE) will oversee the issuance of minimum safety stock for consumption, from time to time notify the Ministry for ecological transition and demographic challenge as per established channels.

Russia is the world’s third largest oil producer, accounting for 12% of the world’s crude oil trade as well as 15%. is part of world Trade Indicates ministerial order of refined products.

market tension

In the extraordinary meeting of the Governing Board at the ministerial level on 7 April aie It was decided to issue a volume of one hundred and twenty million barrels in addition to the sixty million barrels issued earlier.

with this coordinated action It is aimed at easing market tensions and the effects of volatile supplies of crude oil and its derivatives from Russia.

Spain releases 4 million barrels of oil from safety stock

2022-06-03 07:21:32