Latvia, together with Estonia and Lithuania, has announced its readiness to use oil reserve stocks, as stated in a joint statement from the Baltic energy ministries. This announcement comes as the three countries, as members of the International Energy Agency (IEA), acknowledged the decision of the IEA and its member states to undertake voluntary collective action regarding the utilization of emergency oil reserves. The collective approach aims to support market stability amid rising oil prices.

The ministers in charge of energy and climate from the Baltic states have discussed the collective action of the IEA and are now set to make national decisions on the release of emergency oil reserves. These decisions will involve determining the volume, timelines, and other necessary parameters to maximize the positive impact on the market and consumers while effectively managing the current increase in oil prices. This coordinated response reflects the urgency facing these countries in the context of global energy challenges.

The involvement of Latvia's Climate and Energy Minister Kaspars Melnis, Estonia's Minister of Energy and Environment Andress Suts, Lithuania's Minister of Energy Žīgimants Vaičūnas, and Latvia's Minister of Economics Viktors Valainis indicates a serious commitment to addressing the energy crisis in the region. Their discussions highlight the importance of collaborative strategies in mitigating the impact of fluctuating oil prices on their economies and ensuring energy security for their populations.