The Dutch government is releasing part of its strategic oil reserve. The measure is intended to ease pressure on the fuel market, Minister Stientje van Veldhoven (Climate and Green Growth, D66) said.
The release concerns around 780,000 barrels of oil held by the State. In July, a further 2.7 million barrels from the strategic reserve held by commercial parties were also released.
“The international oil market remains volatile and oil prices are high. Therefore, together with 31 other IEA countries, we are taking action by releasing part of our strategic oil reserves,” the minister said.
In March, the International Energy Agency (IEA) agreed with its member countries to release 400 million barrels of oil from emergency reserves following the closure of the strategically important Strait of Hormuz.
The Dutch stock being released will enter the market from Wednesday. Half of the volume consists of petrol, while the other half is diesel.
No kerosene will be released, the ministry said. The Netherlands wants to keep those reserves available in case the situation deteriorates further.
@anp | NEWS BRAINPORT
