Following military actions in the Middle East, the International Energy Agency (IEA) has provided member countries the opportunity to release 400 million barrels of oil and oil product reserves into the market. Lithuania's Energy Minister, Ž. Vaičiūnas, indicated that Lithuania is prepared to draw down up to 80,000 tons of fuel reserves in this context. Furthermore, Lithuania is legally allowed to reduce its mandatory 90-day oil and oil product reserves by as much as 12 days, a decision that is set to be made next week. This move aims to mitigate the impact of rising oil prices due to global tensions.

Vaičiūnas further explained that Lithuania has the flexibility to set a shorter reserve term than the standard 90 days to optimize the impact on fuel prices. By implementing this strategy, the country hopes to augment the positive effects on the local economy and stabilize prices for consumers. The Energy Ministry plans to disclose specific decisions regarding this potential timeframe reduction soon, reflecting Lithuania's proactive approach to managing its energy resources amid international supply concerns.

This development underscores the significant challenges the European energy sector faces in light of geopolitical events, particularly in the context of reliance on external oil supplies. The Lithuanian government's considerations highlight the delicate balance between maintaining reserve levels for stability and responding swiftly to current market conditions, aiming to foster a more resilient domestic energy landscape while contributing to broader European efforts to address energy security.