Italia joins oil stock release: will release almost 10 million barrels

They had until 6pm today to clarify their intentions and Italia's response was not long in coming. The decision is to release a share of its emergency oil resources. This was declared by the Ministry of the Environment and Energy Security after the agreement reached between the member countries of the International Energy Agency.

The aim is to stabilise markets shaken by rising fuel prices and falling oil prices. The war in the Middle East plays a key role on the international chessboard and EU countries are running for cover.

9.966 million barrels is the quantity planned for our country, corresponding to about 2.5% of the total stocks made available by the IEA countries. The current oil emergency is rampant, but Mase considers the level of available Italian resources agreed with the IEA as "satisfactory".

Meeting European obligations and national energy supply security levels therefore remains the priority. The planned release in the coming weeks is estimated to account for about 13.5 per cent of the country's total security stocks.

From the discussions held during the Oil Coordination Group meeting, the European Commission spokeswoman specifies that "no immediate energy security concerns emerged. However, it is necessary to continue to closely monitor the situation and impact in the EU in view of the possibility of prolonged disruptions'.