Refined Products, Crude Oil, Jet Fuel, Diesel-Gasoil, Gasoline, Fuel Oil
October 22, 2026
Spain to release 4.4 million barrels of diesel, jet fuel reserves
Editor:
HIGHLIGHTS
Government taps private reserves until Dec 15
Middle distillate stocks drop to 82 days
IEA members accelerate emergency oil releases
Spain's government said Oct. 22 that it will release around 4.4 million barrels of diesel and jet fuel from its strategic reserves as part of the International Energy Agency's March 2026 Collective Action.
This is the second batch to be released by Spain, following a first batch of 3.75 million barrels in March.
The second release will include middle distillates – diesel, kerosene for aviation and other kerosenes, the Ecological Transition Ministry said in an order published in the State Gazette. The ministry did not provide a more detailed breakdown of the release.
The release into the market will take place until Dec. 15, the ministry said. The obligation will apply exclusively to stocks held by private owners, and does not affect the strategic stocks held by the Strategic Petroleum Reserves Corp., nor does it entail a reduction in their obligation to maintain such stocks, the order said.
Overall, Spain agreed to a total release of 11.5 million barrels, equivalent to 12.3 days of national consumption. Any further volume "will be released according to a schedule, volume, and composition determined by an ongoing assessment of developments in national supply conditions, stock levels, and the state of international markets, particularly for middle distillates, as well as analyses from the IEA and the European Commission," it said.
This second stock drawdown means Spain will reduce its overall reserve level of middle distillates from 92 days of demand to 82 days. Gasoline and fuel oil stocks will remain at 88 days, according to the document.
Spain's reserves are held between reserves corporation CORES, which usually holds 42 days of consumption reserves, and private operators.
The IEA Governing Board said Oct. 15 that its members will accelerate the release of emergency oil stocks, including more than 20 million barrels of diesel.
Platts, part of S&P Global Energy, assessed the European diesel benchmark ULSD 10 ppm CIF NWE Cargo price at $1,470.5/mt on Oct. 21, down from a peak of $1,642.25/mt on Sept. 15, but more than twice the average of $714.72/mt in February.
