Czech Republic to release 100,000 tons of oil from reserves

The Czech Republic will release 100,000 metric tons of oil from its state reserves in response to supply constraints, according to a report by Karel Janicek from AP.

The measure is set to take effect on Wednesday, April 1, with the oil to be provided to refiners on a loan basis. Under the arrangement, the borrowed volumes must later be returned to the state reserves.

The decision comes amid limited oil supplies reaching the country through the TAL pipeline, which runs from Italy and continues as the IKL pipeline through Germany before supplying the Czech Republic.

The volume to be released accounts for roughly 10% of the country’s strategic reserves, which are designed to cover 90 days of national consumption.

By Tamilla Hasanova