Italy offers additional oil reserves contingent on partner commitments

Italy is prepared to consider releasing additional oil from its strategic reserves, provided that other European nations fulfill their commitments under the International Energy Agency (IEA) coordinated plan, according to Italian Energy Minister Gilberto Pichetto.

Rome has already met its obligations from the March IEA plan, which involved releasing 10 million barrels of oil. This specific volume was drawn from oil company stocks rather than state strategic reserves. Pichetto noted that any further decisions must be coordinated with European partners and the IEA.

The IEA recently announced it would accelerate the release of oil stocks agreed upon in March, with a priority on diesel. The agency estimates approximately 100 million barrels are still to be placed on the market under existing plans. This follows a G7 agreement to release 100 million barrels of crude oil and diesel over the next four months to combat supply disruptions and high fuel prices. France has also announced the release of 10 million barrels of diesel from its own reserves.