The decision was taken in light of soaring oil prices and the potential impact of the Russia-Ukraine war on the oil market. An international initiative was launched to place around 60 million barrels on the market in an attempt to reduce inflation for petroleum products.
In doing so, Luxembourg joins the majority of IEA (International Energy Agency) countries in this voluntary action, alongside Germany, France, the Netherlands and the United States, the latter of whom has released around 30 million barrels.
Petrol prices are soaring to record highs at present, fuelled by the crisis in Ukraine.
Minister for Energy Claude Turmes said: “The oil market is a globalised 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.”
Turmes also announced that Luxembourg will support European efforts to synchronise the Ukrainian electricity network with the European network.
