Portugal has 1.56 million tons of reserves of petroleum products

Portugal had 1.56 million tons of physical reserves of oil and petroleum products in the last quarter of last year, according to data from ENSE – National Entity for the Energy Sector.

The Prime Minister, Luís Montenegro, announced this Wednesday (12) that Portugal will make available “in principle” 10% of strategic oil reserves so that there can be more supply and greater containment in fuel prices.

According to the ENSE reserves map, of these reserves, 538 thousand tons are of crude oil, 51.4 thousand tons of gasoline, 297.8 thousand tons of diesel and 51 thousand tons of LPG and Fuel.

They are stored in several locations, including at Petrogal in Sines and Matosinhos and at Companhia Logística de Combustíveis (CLC) in Aveiras.

Already 623.9 thousand tons correspond to ‘tickets’, that is, they are stored in other countries.

According to information on the ENSE website, the entity “more specifically the oil reserves unit, in its capacity as Central Storage Entity [ECA]is responsible for guaranteeing thirty days of national security reserves”.

Furthermore, “operators are obliged to set up 90 days, with 30 days being obligatorily set up by ECA and being responsible for setting up the remaining 60 days in a location that must be reported to ENSE”.

On March 3, ENSE told Lusa that Portugal has reserves for 93 days of consumption, in a scenario of disruption, noting that national imports have no exposure to Hormuz in the quantities of goods purchased and transported.

As he pointed out at the time, the situation in Hormuz will only have a more structural impact on prices if the situation lasts for many weeks.

At this time, there is no reason for alarm, with close monitoring only necessary in the short term, said ENSE.

“We will share with several partners on an international scale what was one of the conclusions of the G7 meeting and we will make an important part, in principle 10%, of our strategic reserves available so that there can be more supply and greater containment in fuel prices”, Luís Montenegro announced today, speaking to journalists.