The government releases another 4.4 million barrels of oil due to soaring fuel prices.

The Government releases another 4.4 million barrels of oil amid soaring fuel prices Based on facts observed and verified directly by our journalists or by informed sources. Choose us as your favorite source on Google. This is the second release of reserves after the 3.7 million barrels in March and by virtue of an agreement between the countries of the International Energy Agency (IEA) under which the Government still should divest another 3.4 million. Spain will release oil reserves again to make them available to the market and cushion the effects of the crisis in the Middle East which has caused fuel prices to skyrocket. The Ministry for Ecological Transition announced on Thursday that it will release 4.4 million barrels, added to the other 3.7 million dispatched in March in compliance with an agreement within the International Energy Agency (IEA) under which it still has to put another 3.4 million on the market. "Considering the situation in the international markets, the IEA countries have decided to accelerate the release of the rest of the reserves. Spain will proceed with a second phase of release this same month of October, with 4.4 million barrels," informed sources from the Ministry for Ecological Transition. A few weeks after the US and Israel attack on Iran that caused the current energy crisis due to the closure of the Strait of Hormuz, the 32 countries of the IEA agreed to jointly release 400 million barrels of oil and petroleum products to try to lower the prices of these raw materials. Of that total amount, Spain was to divest 11.5 million barrels. In March it made a first release of 3.7 million, now it is preparing to make a second release of 4.4 million and would subtract 3.4 million, whose release "is subject to continuous analysis of the situation", they say in the Ministry. The IEA agreement indicated that the countries would have a period of 90 days - that is, which expired last June - to release their respective reserves, but as other partners, Spain decided to make a first delivery and make the rest in a staggered way and "depending on market developments", which now advises another release. Comments