Italy will contribute 9.966 million barrels of oil to a coordinated release of strategic oil reserves, joining other International Energy Agency (IEA) members, Al Jazeera reports citing a statement from the country’s energy ministry.
The oil reserves, to be released within the “next few weeks”, represent around 13.5 per cent of Italy’s total security stocks, the statement reads.
This comes a day after the IEA made the historic proposal to release 400m barrels from its emergency petrol reserves into the market to contain energy prices.
