The Austrian Parliament has approved the release of 325,000 metric tons of oil from strategic reserves to help stabilize the oil market.

The Austrian Parliament has approved the release of 325,000 metric tons of oil from strategic reserves, as part of the International Energy Agency's initiative to stabilize the oil market. The measure, which will come into effect on April 1 and will last for six months, was adopted with the necessary two-thirds majority, including the votes of the Greens.

This comes in the context of the blockage of the fuel price cap project due to political disagreements between the ruling parties. The volume of oil, equivalent to 2.3 million barrels, will be sold at market price by OMV, the operator of the refinery in Austria, with the commitment that the products will be sold exclusively in the country. Austria believes it is better prepared at present to face energy crises, compared to the situation in 2022, when the Russian invasion of Ukraine generated a similar crisis.