Spain taps strategic oil reserves: 4.4M barrels released to curb prices

Spain's government has ordered the release of 4.4 million barrels of oil, diesel, and gasoline from its strategic emergency reserves, the largest drawdown in the fifty-year history of the storage system. The move, involving Repsol and Moeve, aims to curb domestic fuel prices amid an oil emergency. The scale of the release signals acute supply pressure, but the duration and impact on prices remain uncertain.