Luxembourg is to release 8,385 tonnes of oil from its strategic reserves as part of an internationally coordinated effort to stabilise global energy markets.
The move comes in response to a call from the International Energy Agency (IEA), which has urged its 32 member countries to release a total of 400 million barrels of oil from their reserves. The aim is to calm rising prices on the world market amid ongoing tensions related to the situation in Iran.
In an interview with RTL, Energy Minister Lex Delles confirmed that Luxembourg had supported the unanimous vote out of solidarity, though he noted that the government remains reluctant to tap into its reserves. He warned that as long as issues in the Strait of Hormuz remain unresolved, prices are likely to continue rising.
Minister Delles stated that he is coordinating with other EU energy ministers to assess what measures can be taken and what role Luxembourg can play. He stressed that any action by the Grand Duchy would be limited to a “small, symbolic” gesture, adding that the government has no intention of opening its reserves in a major way. “The current situation does not warrant such action”, he said, adding, “While it remains imperative to monitor the situation and act if necessary, that necessity is not present today.”
Shortly after the interview, Minister Delles confirmed the decision to release 8,385 tonnes of oil. Luxembourg currently holds oil reserves – both domestically and abroad – sufficient for 93 days. The minister reiterated that there is no oil shortage at present and that Luxembourg sees no need to further open its reserves on a larger scale.
