Spain to release 11.5 million barrels from oil reserves

Spain has approved the release of up to 11.5 million barrels of oil from its strategic reserves over the next 90 days to ease supply shortages.

Energy Minister Sara Aagesen said the move comes in response to disruptions linked to the partial closure of the Strait of Hormuz, News.Az reports, citing Reuters.

The release will be carried out in phases, with the first shipments expected to begin within 15 days.

The plan aligns with efforts by the International Energy Agency to unlock up to 400 million barrels globally.

News.Az 

By Aysel Mammadzada