The Ministry for Ecological Transition and the Demographic Challenge has announced that it will release 4.4 million barrels of crude oil from its strategic oil stocks during the month of October, although it has not specified which products will be released. This is the second release, following a first of 3.7 million barrels.
The decision responds to the agreement that members of the International Energy Agency coordinated last March to accelerate the supply of resources in light of international tensions in the Middle East. After this phase is executed, the country will maintain a availability of about 3.4 million barrels from the total global quota of 11.5 million authorised in that agreement. According to sources from the ministry, that remaining amount will be "subject to continuous analysis of the situation."
The circumstances this time have been the threats from Donald Trump to European countries to restrict their diesel exports, as the US is the world's largest supplier, if these reserves are not released. It should be noted that Trump needs to contain diesel prices at record levels to arrive at the midterm elections with something to offer American consumers.
In fact, most of the 11.5 million barrels authorised by the IEA, about 9 million, correspond to distilled products such as automotive diesel and others, as well as aviation kerosene. That is, to the most pressured segment of the European oil market. Another 2.2 million correspond to petrol.
Although the move to release European reserves may help contain the diesel prices that Trump wants, it also means that the region loses some of the margin it had to face an energy crisis without immediate resolution in sight.
Spain does not have a large state oil deposit like that of the US; rather, it is the companies in the sector that are responsible for storing strategic reserves under the supervision of the Strategic Reserves Corporation (CORES). The oil companies maintain the reserves in their refineries and depots spread throughout Spain, while another part is rented by CORES to storers like Exolum, formerly CLH, and is distributed across more than 20 locations throughout the country. By law, up to 40% can be stored even outside of Spain, in other EU countries, by bilateral agreements.
Spain had reserves for 92 days of consumption before starting the release of reserves in March (42 from CORES, and 50 from the industry),according to the requirements of the IEA, based on national consumption estimated at about 122 million barrels. However, according to a report from S&P, between December 2025 and May 2026, Spain has already replenished its total crude stocks above 100 days.
