Netherlands completes pledge to release strategic oil stocks

The Netherlands has released the final portion of its pledged strategic oil stocks, putting 5.36 million barrels of oil and oil products on the market as part of a co-ordinated effort by 31 countries, the government says.

The latest release comprises about 700,000 barrels of oil products, around half of them diesel. The government says the move completes a pledge made in March to release about 16% of the country’s strategic oil reserves. The products will be offered in stages by COVA, the agency that manages the Dutch stocks.

Climate and Green Growth Minister Stientje van Veldhoven said the international action was intended to ease pressure on oil markets amid geopolitical unrest in the Middle East. She said supply was tight and prices remained high while the unrest continued.

The government says participating countries are staggering their releases so the additional supply can affect the market over a longer period. The announcement does not say how much of the latest tranche has already been sold or delivered.