Greece will release 2 million barrels of fuel from its strategic reserves as part of a coordinated intervention by the International Energy Agency (IEA) aimed at stabilizing global prices through the release of 400 million barrels.
The decision was taken during an April 2 meeting at the Environment and Energy Ministry, where a 25-member crisis management committee convened with representatives from refineries, fuel trading companies, service stations, the armed forces and ministries. The agreed release includes gasoline, diesel and fuel oil, corresponding to Greece’s IEA quota and about 8% of its 90-day strategic reserves, estimated at roughly 25 million barrels.
Environment and Energy Minister Stavros Papastavrou and Deputy Energy Minister Nikos Tsafos are expected to meet refinery representatives again Wednesday to initiate the gradual release over three months, in line with IEA regulations. Initial quantities are set to be released immediately after a ministerial decision expected within days.
Officials described the move as a historic milestone, marking the first time Greece has deployed strategic reserves. The IEA’s executive director Fatih Birol recently characterized the global market situation as “more serious than those of 1973, 1979 and 2022 combined.”
Authorities stressed the decision is not linked to domestic shortages. Greece’s refineries export more than half of their output and maintain required reserves, additional non-extractable reserves for 10 days, and incoming shipments covering two months of supply.
The release will be distributed evenly among fuel types and followed by a gradual replenishment over three months, as required by IEA rules.
Concerns persist over supply as uncertainty surrounding the Middle East crisis intensifies. Shortages initially observed in Asia have begun affecting Europe, raising alarms among governments. Aviation fuel prices have doubled within a month, while diesel rose 64% in the first three weeks of the conflict and 120% in the following two weeks.
Analysts warn continued attacks on energy infrastructure could extend shortages to gasoline by summer.
European authorities are also preparing demand-reduction measures, ranging from energy-saving recommendations and lower speed limits to consumption quotas and fuel rationing if necessary.
Supply disruptions have already emerged in several countries. Italy imposed restrictions at multiple airports, France reported shortages at fuel stations, and Slovenia has introduced rationing. Greece may adopt similar measures if mandated at the EU level.