The IEA plans to release up to 400 million barrels from strategic stocks in order to ease market tensions and reinforce global energy security.
Luxembourg supports this initiative and reaffirms its solidarity with the other IEA member states. In accordance with the mechanism provided for, and after consultation with, its European partners, the Luxembourg government will determine whether to release part of its own strategic reserves, as well as the volumes potentially concerned. At this stage, no supply difficulties have been observed in the country.
The Minister of the Economy, SMEs, Energy, and Tourism, Lex Delles, emphasises that, even though national supplies are not under threat, Luxembourg’s participation in this initiative demonstrates its commitment to the international community. In his view, the coordinated action of the IEA helps to contain oil costs and secure supplies, particularly to Asia.
He also points out that the current situation highlights the European Union’s continuing vulnerability as long as it remains dependent on imported fossil fuels, which are costly and exposed to geopolitical tensions. This, he says, shows the urgency of accelerating the energy transition to ensure the resilience of both Luxembourg and Europe.
