Spain to release oil reserves after Hormuz supply disruption

Spain has approved the release of 11.5 million barrels of oil from its reserves over 90 days to ease supply shortages caused by the partial closure of the Strait of Hormuz. The announcement was made by Energy Minister Sara Aagesen.

The reserves will be released gradually, with the first phase due to begin within 15 days. The measure is part of a broader plan by the International Energy Agency (IEA) to release up to 400 million barrels of oil from emergency reserves onto the market.

The move comes in response to disrupted oil supplies through the Strait of Hormuz, one of the key routes for global energy trade. Restrictions on shipments in the area have sparked fears of oil shortages and rising prices on world markets.

Spain is seeking to help stabilise the situation and ease pressure on energy markets. The release of reserves is intended to ensure sufficient supply and prevent major price fluctuations at a time of heightened geopolitical tensions.

(reuters, lud)