Spain releases 4.4 million barrels of middle distillates from strategic reserves

Spain's Energy ​Ministry on Thursday started ​the release ‌of 4.4 ​million barrels of middle distillates, a volume equivalent to six ‌days of national consumption, from its strategic reserves. The ministry said in a statement the release into the ‌market would last until December 15 and include ‌automotive diesel, other gas oils, jet kerosene and other kerosenes.

The release is part of Madrid's commitment to ⁠the International ​Energy Agency, ⁠made in March, to release oil products equivalent to up ⁠to 11.5 million barrels of oil. This is the ​second release, following an initial release of ⁠3.7 million barrels. The IEA, which coordinates industrialised nations' releases of oil ⁠from ​emergency stocks during severe supply disruptions, launched a record 400-million-barrel withdrawal in March in response ⁠to shortages caused by the Iran war.

The agency ⁠decided ⁠last week to accelerate the release to boost supply and cool soaring prices.