MADRID, March 18 (Xinhua) -- The Spanish government has announced it will release 11.5 million barrels of oil from its strategic reserves to limit market volatility following the conflict between Israel, the United States and Iran.
Spain's third deputy Prime Minister and Minister of Ecological Transition, Sara Aagesen, confirmed the decision on Tuesday without giving a precise date to start the move. The amount of oil released is equivalent to more than 12 days of national consumption and the move comes within the remit of the International Energy Agency.
Aagesen said the move was to "buffer the tension in the markets," following the U.S.-Israeli joint strikes on Iran and the latter's retaliatory attacks on neighboring Gulf countries and partially blocking the Strait of Hormuz.
The minister said coordinated action was "vital" in the current situation. Warning that further rises in oil prices could harm the global economy, she said, "We will have to see the effect when all reserves are released in the coming weeks."
On Friday, the Spanish government is scheduled to announce measures to protect local consumers from price rises, which reportedly include actions to limit rising costs for producers and distributors of food. ■