Portugal holds 1.56 million tonnes of petroleum product reserves

Portugal had 1.56 million tonnes of physical oil and petroleum product reserves in the final quarter of last year, according to data from ENSE. Prime Minister Luís Montenegro announced that Portugal will release 10% of its strategic oil reserves to increase supply and help contain fuel prices, joining an International Energy Agency agreement to release 400 million barrels globally following the closure of the Strait of Hormuz.