Spain announces release of strategic petroleum reserves

The Spanish government announced on the 17th that it would partially release the country’s strategic oil reserves to address the impact on energy markets caused by the Hormuz Strait being closed since military strikes by the U.S. and Israel against Iran. At a news briefing on the 17th, the Spanish government said the cabinet meeting that day had approved the release of 11.5 million barrels of oil reserves. These oil supplies will be released to the market in batches. The first batch of 3.75 million barrels will be available for 15 days, and the release of the remaining reserves will depend on how events unfold. (Xinhua News Agency)