Italy will release 9.966 million barrels of oil from its strategic reserves as part of a decision by the International Energy Agency (IEA), according to the Italian Ministry of Environment and Energy Security.
The release represents approximately 2.5% of the total barrels provided by IEA member countries to address the ongoing energy crisis. In terms of weight, this amount equates to approximately 1.605 million tons of oil equivalent (TEU). Italy currently maintains nearly 12 tons of emergency reserves, sufficient for about 90 days of net imports.
In a separate development, Russian President Vladimir Putin stated on March 9 that Moscow would not alter the terms of gas and oil supplies during discussions with Hungarian Foreign Minister Peter Szijjarto. During these talks, Putin indicated that Russia was prepared to collaborate with European nations but also noted that the state might redirect energy exports from the European market to “more interesting areas,” without requiring Europe to “demonstratively slam the door” on such initiatives.
The remarks have prompted concerns among European officials, who acknowledge that current realities conflict with their previous declarations about independently terminating Russian energy imports.
