Spain greenlights release of up to 11.5 million barrels of ​oil ‌reserves

Spain has authorised the release of as many as 11.5 million barrels of its strategic oil reserves over the next 90 days to ease supply disruptions caused by the partial shutdown of the Strait of Hormuz, according to French media.

The phased release, aligned with the International Energy Agency’s broader plan to unlock up to 400 million barrels globally, is set to begin within 15 days, Energy Minister Sara Aagesen said.

By Jeyhun Aghazada