Greece has initiated a controlled release of approximately 2 million barrels of fuel from its strategic emergency reserves as authorities move to reduce risks associated with global supply uncertainty and rising geopolitical tensions affecting international energy markets.
According to the Greek Energy Ministry, the release is being carried out through a 12-week distribution program, with the largest share of fuel entering the domestic market during the early stages of the operation. Around 1.3 million barrels were scheduled for distribution during the first week alone.
The program includes a wide range of petroleum products such as petrol, diesel, jet fuel, fuel oil, and liquefied gas. Eight major energy companies are participating in the process to help maintain stable fuel supplies and prevent additional pressure on domestic fuel prices.
Following the significant initial release, fuel distribution volumes are expected to gradually decrease. Authorities stated that approximately 70,000 tons would be released during the second week, while weekly supply volumes are expected to stabilize between 50,000 and 60,000 tons until the program ends in mid-June.
The decision was made despite oil prices remaining below the 100-dollar-per-barrel level, as concerns continue to rise over geopolitical instability and potential disruptions to global shipping routes, particularly around strategic transit points such as the Strait of Hormuz.
Under the allocation plan, Helleniq Petroleum will release nearly 180,000 tons of crude oil, while Motor Oil is expected to supply more than 26,000 tons of light fuels, over 25,000 tons of diesel and heating oil, and approximately 35,000 tons of heavy fuel products.
Additional volumes will be provided by other market participants. Aegean will contribute close to 1,000 tons of heavy fuels, while Coral is set to release additional quantities of petrol, aviation fuel, and diesel. The total amount entering the market represents roughly one week of Greece’s national fuel consumption and equals around 13 % of the country’s estimated strategic petroleum reserves, which are believed to total between 14 million and 15 million barrels.
