Netherlands releases last 700,000 barrels of emergency oil
The Netherlands has put the final 700,000 barrels of its strategic oil reserve on the market, completing its share of an International Energy Agency action meant to ease pressure on oil supply.
The fourth and final part of the Dutch release of strategic oil stocks hits the market today: about 700,000 barrels of oil products. In total, the pledged 5.36 million barrels of oil and oil products have now been released. About half of this last part is diesel, one of the oil products under the most pressure worldwide.
In March the cabinet pledged to release about 16% of the strategic oil stock. It was part of a joint action by the 31 countries of the International Energy Agency (IEA), which are together using part of their reserves to make up for supply lost from the Middle East. Releasing more oil products, such as petrol and diesel, can soften the disruption somewhat.
COVA, which manages the Dutch strategic oil stocks, will release the products in phases. Countries deliberately avoid releasing all their stocks at once, so that the effect lasts longer.
The global oil market is under enormous pressure from the geopolitical unrest in the Middle East. For as long as that lasts, prices stay high and supply tight.Stientje van Veldhoven, minister for Climate and Green Growth
The minister said the international action is meant to ease pressure on the market. Within the IEA, it was recently stressed again that all participating countries must honour their pledges. "The Netherlands has now fulfilled this pledge," she said.
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IEA (Internationaal Energieagentschap)
The International Energy Agency is an intergovernmental organisation of energy-consuming countries that advises on energy policy and coordinates joint responses to disruptions in oil supply. Member countries, including the Netherlands, hold emergency oil stocks that they can release together when supply is disrupted, as they did in 2026.
COVA
The Dutch body that manages the Netherlands' strategic oil stocks, which are emergency reserves of crude oil and oil products kept for supply disruptions. It decides how and when these stocks are released, often in phases, so that the effect on supply lasts longer.