Spain releases 4.4 million barrels of middle distillates from strategic reserves
USO•Spain has started releasing 4.4 million barrels of middle distillates from strategic reserves, equivalent to six days of national consumption. The release will continue until December 15.
1. Release begins
Spain's Energy Ministry said the release into the market includes automotive diesel, other gas oils, jet kerosene and other kerosenes. It is the second release under Madrid's commitment to the International Energy Agency, following an initial release of 3.7 million barrels.
2. IEA supply action
Spain committed in March to release oil products equivalent to up to 11.5 million barrels. The IEA launched a 400-million-barrel withdrawal in March in response to shortages caused by the Iran war and decided last week to accelerate the release to boost supply and cool soaring prices.
