On Thursday 3 March 2022, Luxembourg's Ministry of Energy and Spatial Planning has announced that Luxembourg will take part in the joint voluntary action aimed at putting oil security stocks into circulation, amounting to 108,685 barrels of petroleum products.
In the context of soaring oil prices and the potentially significant impact of the Russian invasion of Ukraine on the supply of oil and petroleum products markets, the Board of Directors of the International Energy Agency (IEA) has adopted a coordinated plan to withdraw oil emergency stocks, in order to achieve a mobilisation of stocks up to 60 million barrels.
The Grand Duchy thus joined the majority of IEA member countries, including the United States, Germany, France and the Netherlands.
Energy Minister, Claude Turmes, said: “The oil market is a global market. Luxembourg's participation in the plan to withdraw oil emergency stocks is obvious in order to support the collective action organised by the International Energy Agency. Right now, securing oil supply and stabilising prices is a priority for the government”.
In this context, Minister Turmes, also announced that Luxembourg will support European efforts in favour of the synchronisation of the Ukrainian electricity network with the European network.
