Everyone get ready: The Baltic countries are joining the fight against the oil crisis

The Baltic countries are planning to bring part of their oil reserves to the market. This is stated in a joint statement by the energy ministers of Latvia, Lithuania and Estonia.

The ministers made their decision after the International Energy Agency (IEA) and its members decided on Wednesday to start voluntary collective release of 400 million barrels of oil to the market.

"Lithuania, Latvia and Estonia will immediately take the next step in making national decisions on the release of oil reserves to the market (setting volumes, deadlines and other necessary parameters) in order to achieve the maximum possible positive effect for both the market and consumers, as well as to effectively manage the current situation of rising fuel prices. It is expected that the coordinated release of reserve fuel reserves will reduce the growth rate of fuel prices — this is the most important short—term goal, to achieve which it is urgently necessary to take all appropriate measures," the statement said.

Vilnius noted that the collective release of reserves to the market and active actions at all levels are aimed at stabilizing global oil markets during a period of uncertainty and reducing supply security risks in the region.

"The sudden rise in fuel prices has a negative impact on the population, business and the economy of the whole of Europe, including the Baltic states. In addition, given the high interdependence of the Baltic countries in the field of fuel prices, it is important that any interventions in the market be properly coordinated," the Lithuanian Ministry of Energy said in a statement.

The Ministry notes that in recent days, Lithuanian Energy Minister Zhigimantas Vaiciunas, Latvian Climate and Energy Minister Caspar Melnis, Latvian Economy Minister Viktor Valainis and Estonian Energy and Environment Minister Andres Sutt have discussed the collective actions of the IEA and agreed that the Baltic countries will contribute by following national procedures and releasing part of their reserves in a coordinated manner. fuel reserves. At the same time, it is emphasized that the countries support the recommendation of the IEA Council that the release of oil reserves should be carried out as part of broader international efforts to restore safe transit through the Strait of Hormuz.

Recall that oil prices have risen sharply since the beginning of the war between the United States and Israel with Iran. In response to the turmoil in the oil market, 32 member countries of the International Energy Agency are planning to open record crude oil reserves of 400 million barrels. The G7 countries also announced their readiness to open strategic oil reserves.