Montenegro announces that Portugal will make 10% of its oil reserves available

The Prime Minister, Luís Montenegro, announced this Wednesday, March 11, 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.

“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”announced Luís Montenegro, speaking to journalists.

Portugal thus joins the agreement of the member countries of the International Energy Agency (IEA) who decided this Wednesday to release a total of 400 million barrels of oil from strategic reserves onto the markets.

At the end of the PSD parliamentary days, which ended today in Caminha, Viana do Castelo, Montenegro, party leader, highlighted that the Portuguese government “is aligned with what is happening within the European Union and other countries”.

In this regard, he said that in the last meeting with European partners in which the Minister of Finance participated, the Portuguese government was asked to explain “the ISP discount mechanism to eventually be able to apply it too” in other countries.

“It is known that Greece and Croatia have also taken decisions from the point of view of containing the increase in prices. And we are sharing exactly what each one is doing in order to form a common strategy that can somehow contain the effects on families and companies”these.

According to the executive director of the International Energy Agency, Fatih Birol, 400 million barrels of oil will be made available to the market, due to the effective closure of the Strait of Hormuz.

This is the sixth time that the IEA has coordinated the release of strategic oil reserves.

With the release of 400 million barrels of oil, more than double the agency’s previous record intervention at the start of the war in Ukraine, when it released 182 million barrels of crude oil, it aims to compensate for the supply lost due to the effective closure of the Strait of Hormuz.