Spain approves release of up to 11.5 million barrels from reserves

Spain has approved the release of up to 11.5 million barrels from its oil reserves over 90 days to counter supply shortages caused by the partial closure of the Strait of Hormuz, Energy Minister Sara Aagesen told reporters.

The release, in line with International Energy Agency (IEA) plans to free up to 400 million barrels, will be carried out in phases, with the first stage set to begin within 15 days, Aagesen added.