Spanish operators must release 4.4 million barrels of diesel and kerosene due to the Middle East crisis

The second release of oil reserves announced last week by the Ministry for the Ecological Transition to address the fall in demand and the rise in prices due to the crisis in the Middle East will result in the placing on the market between now and December 15 of 4.4 million barrels of automotive diesel, other types of diesel and kerosene, which will come from the stocks accumulated by private operators and will not affect the strategic reserves of the Corporation of Strategic Reserves of Petroleum Products (CORES).

The Official State Gazette (BOE) publishes this Thursday the details of the decision adopted by the Council of Ministers last week, to proceed with a second release of reserves of petroleum products, as agreed in March by the members of the International Energy Agency (IEA). To address the scarcity of this raw material and its high price, the 32 partners agreed to release 400 million barrels, of which Spain received 11.5, equivalent to 12.5 days of consumption compared to the 92 that by law must be stored.

After a first release last March of 3.7 million barrels of gasoline, diesel and kerosene, this second release excludes gasoline and is limited to diesel and kerosene. It will be equivalent to six days of consumption and must be done by retail operators and distributors, indicates the Ministerial Order of Ecological Transition published by the BOE, which reduces "temporarily and additionally" the number of days of consumption for which these obligated subjects must have reserves. If with the first release in March they were already reduced by four days, now they are reducing it by another six, so that their obligation is established at 82 days of consumption instead of 92.

Operators and distributors are two of the actors who are required by law to have gasoline, diesel or kerosene reserves. The other obligated actor is CORES, which in this case is not affected by the order to release reserves.