Dutch to release one fifth of their oil reserves in IEA drive
The Netherlands is one of 32 IEA countries which have agreed to release oil from their reserves in an effort to head off shortages and further price rises following the US and Israeli attacks on Iran.
The Netherlands’ stores petrol and diesel in the Netherlands and holds part of its kerosene and crude oil stocks in Belgium and Germany. The total reserve is equal to 90 days of Dutch oil consumption.
Together, IEA countries hold more than 1.2 billion barrels of oil products. The member states will collectively release 400 million barrels onto the market, the largest amount ever. The Netherlands will contribute 5.4 million barrels, about one fifth of its emergency reserve.
Earlier on Wednesday, gas company Gasunie called for the creation of a strategic gas reserve.
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