EU’s Dombrovskis Says Release of Oil Reserves Would Be Warranted

The current situation in energy markets — triggered by the war in Iran — would allow for the release of strategic oil reserves, according to European Union Economy Commissioner Valdis Dombrovskis.

“The oil reserves are being held exactly for situations like this: if we are facing crisis, if we are facing disruptions of supply, that’s exactly where we can intervene,” he told reporters on Monday in Brussels. “We are not seeing any structural shortage of supply going forward, so from that point of view this intervention would be warranted.”