Spain has approved the release of up to 11.5 million barrels of oil from its strategic reserves over a 90-day period, aiming to counter supply shortages caused by disruptions in the Strait of Hormuz.

Energy Minister Sara Aagesen said the release would be carried out in phases, with the first shipments expected to begin within 15 days.

Part of Historic Global Oil Release

Spain’s move forms part of a broader effort led by the International Energy Agency, which is preparing a record release of up to 400 million barrels of oil to stabilize global markets shaken by the U.S.-Israeli war with Iran.

The proposed release would be the largest in the agency’s history, more than double the 182.7 million barrels released during the 2022 Ukraine war, underlining the scale of the current energy crisis. The supply injection is expected to be phased over at least two months.

Coordinated International Response

The effort is being coordinated among major economies, with G7 countries discussing joint measures. Japan has already announced plans to release both private-sector and national reserves, reflecting its heavy reliance on Middle Eastern oil supplies.

Despite these efforts, oil markets remain under pressure. Prices have risen amid ongoing disruptions in the Gulf, where supply constraints and infrastructure impacts have raised concerns about whether emergency stock releases will be sufficient to offset losses.