Italy to use about 10 million barrels from strategic oil reserves

Italy will release 9.966 million barrels from its strategic oil reserves amid the crisis linked to escalating tensions in the Middle East, according to the country's Ministry of Environment and Energy Security, Report informs.

The ministry noted that the measure is being implemented in line with the International Energy Agency's (IEA) resolution.

The allocated reserves will account for about 2.5% of the total volume contributed by IEA member states to address the oil crisis. The planned release for the coming weeks represents around 13.5% of Italy's overall strategic reserves.

The ministry emphasized that even after this significant release, Italy's reserves remain satisfactory and comply with European commitments to ensure sufficient national energy security.