FLASH
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Italy will release around 10 million barrels from its strategic oil reserves as part of a coordinated decision by the International Energy Agency (IEA), aimed at stabilizing global oil markets following the crisis caused by the conflict in the Middle East and the effective blockade of the Strait of Hormuz.
This Italian contribution represents approximately 2.5% of the total of 400 million barrels of oil announced by the 32 IEA member countries, the largest decision of its kind in history, more than double the amount released in 2022 after the Russian invasion of Ukraine.
According to the Ministry of Environment and Energy Security (MASE), this amount corresponds to around 1.605 million tons of oil equivalent. Italy's emergency reserves currently amount to 11,903,843 tons, enough to cover 90 days of net imports of petroleum products, in full compliance with European Union regulations.
The move comes in response to the dramatic decline in global oil supply that has caused major price and supply tensions. Other countries such as the US, Germany, Japan and France are also contributing large amounts to cushion the effects of the crisis.
The release of reserves will be done gradually, depending on national needs, and is expected to have an immediate effect on calming markets, although experts emphasize that without a political solution to the conflict, this remains a temporary measure.
The global energy situation remains critical, with the risk of the crisis prolonging if the blockades continue. Italy, as a major net consumer of oil, continues to closely monitor developments to guarantee secure and stable supplies.
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