7 Mar, 2022 @ 15:45
1 min read

Spain releases two million barrels of oil reserves to support Ukraine

Oil Picture
Photo: creative commons licence.

THE Spanish government has approved the release of two million barrels of oil from its reserves to help support the Ukrainian army. 

Pedro Sanchez said it was among ‘extraordinary measures taken by Spain to help mitigate the impact of the war in Ukraine’.

“We want to send a strong and coordinated message to global oil markets about its commitment to protecting stability and preventing an excess of volatility,” he said.

The International Energy Agency has already agreed to release 60 million barrels of oil from the reserves of its members around the world to ensure no shortages.

On Saturday Sanchez discussed the war in Ukraine and its impact on Europe’s energy supplies with European Commission President Ursula von der Leyen.

He confirmed that the EU Council of Energy Ministers had agreed the bulk of oil reserves released will be sent to Ukraine. 

Spain had earlier agreed to send weapons to help Ukraine resist the Russian invasion.

Two Spanish air force transport planes carried supplies including 1,370 anti-tank grenade mobile launchers, 700,000 machine gun cartridges and light machine guns to Poland for transport over the border in Ukraine.


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