Spain is set to release a chunk of its rainy day oil reserves to beat down petrol prices – but how much does it have saved up, and how long will it last?

AS conflict in the Middle East rattles global energy markets, Spain plans to release part of its strategic oil reserves to ease the strain.

Spain holds approximately 420 million barrels of oil and petroleum products as part of its emergency energy reserves.

Spain’s government plans to release around 12–12.6 million barrels, equivalent to about 12 days of consumption, to help stabilise fuel markets. 

The total stockpile provides enough fuel to keep the country running for 92 days, while the products in reserve include crude oil, diesel, gasoline, fuel oil and kerosene. 

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This is enough fuel to cover about 12 days of national consumption. 

Around 120 million barrels are held by the state through the CORES (Strategic Petroleum Products Reserve Corporation), covering about 42 days of consumption.

The rest are stored by oil companies, which by law must maintain reserves equivalent to around 50 days of consumption.

It follows a decision by the International Energy Agency (IEA) to release global oil reserves to counteract the disruptions linked to the conflict in the Middle East.

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The move comes after fuel prices in Spain have skyrocketed – climbing to levels last seen in August 2024 for gasoline and October 2023 for diesel.

Gasoline in Spain now averages €1.60 per liter at the pump, with diesel at €1.645, according to Thursday’s EU Oil Bulletin. 

Over the past week, gasoline prices have climbed 7.7 per cent, while diesel has surged more than 14 per cent.

By releasing oil reserves, Spain is attempting to stall this rapid price increase.

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