nuSep 2, 2026, 12:15

Netherlands releases part of oil reserves on day of record petrol prices

The Netherlands has begun releasing oil from its emergency reserves to combat rising fuel prices, which recently hit a record high of 2.668 euros per liter. This action is part of a broader 31-nation initiative coordinated by the International Energy Agency to offset global supply disruptions caused by the conflict between the United States and Iran.

The Netherlands is releasing a portion of its national oil reserves to help stabilize the market following a significant surge in fuel costs. This decision coincides with record-high gasoline prices reaching 2.668 euros per liter at the pump. The move is part of a coordinated international effort involving 31 countries under the International Energy Agency, which collectively agreed to release 400 million barrels of oil to address global supply shortages. The Dutch government intends to implement this release in phases to ensure the measure has a prolonged stabilizing effect on domestic prices.

Global oil markets remain volatile due to ongoing geopolitical tensions in the Middle East, specifically the conflict involving the United States and Iran. The closure of the Strait of Hormuz to most oil tankers has severely disrupted the supply chain, leading to the current price spikes. Authorities have indicated that there are currently no signs of improvement regarding these shipping obstructions, necessitating the release of emergency reserves to mitigate the impact on consumers.

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Based on reporting by nu. Translated and condensed by LocalHeadlines.

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