32,000 Tonnes of Diesel Going to Market From Croatian Mandatory Stocks

Lauren Simmonds

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As Poslovni Dnevnik writes, on Thursday, the government decided to release 32,000 tonnes of diesel fuel from Croatian mandatory stocks of oil and petroleum products. The Hydrocarbons Agency will release 12,000 tonnes of said diesel fuel from Croatian mandatory stocks by the end of April and 20,000 tonnes by the end of May 2022.

The Minister of the Economy and Sustainable Development, Tomislav Coric, explained that a meeting of the International Energy Agency (IEA) was held on April the 1st, 2022, at which an agreement was reached to release 120 million tonnes of oil from mandatory reserves in order to send a unique and strong message to international oil markets that there will be no shortage of supplies as a result of the Russian invasion of neighbouring Ukraine.

Although the Republic of Croatia is not a member of the International Energy Agency and has no obligations to engage in these practices, it can participate in the second joint coordinated action with the aforementioned 32,000 tonnes of diesel fuel, or 238,000 barrels converted into crude oil equivalents.

Back in March of this year, the Republic of Croatia participated in the first joint coordinated action to launch Croatian mandatory stocks out onto the market, during which it released 22,000 tonnes of diesel fuel, ie 164,000 barrels converted into crude oil equivalents, Minister Coric explained.

The decision to place Croatian mandatory stocks of oil and other such petroleum products on the market was made by the government, and the Hydrocarbons Agency will release those mandatory stocks onto the market at regular market prices.

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