Spain approves the release of up to 11.5 million barrels of oil reserves within 90 days.

On March 17th local time, Spain's Minister for Ecological Transition, Teresa Ribera, announced at a press conference that in response to the partial closure of the Strait of Hormuz causing a shortage of oil supply, she has approved the release of up to 11.5 million barrels of oil reserves within 90 days. Ribera explained that this release is in line with the International Energy Agency's plan to release up to 400 million barrels of oil, and will be carried out in stages, with the first phase starting in 15 days.