In a statement, (dei Gréng), the minister of energy and spatial planning, said he was releasing 108.686kb of petroleum products from the grand duchy’s strategic reserves.

"In the context of soaring oil prices and the potentially significant impact of the Russian invasion of Ukraine on the supply of oil and oil products to the markets, the Governing Board of the International Energy Agency (IEA) has adopted a coordinated plan for the drawdown of emergency oil stocks in order to achieve a mobilisation of stocks of up to 60 million barrels,” the minister said.

Luxembourg is participating in the joint action with the majority of IEA member countries, including the United States, Germany, France and the Netherlands.

"The oil market is a global market. Luxembourg's participation in the plan to draw from emergency oil stocks is an obvious way to support the collective action organised by the International Energy Agency. At present, securing oil supplies and stabilising prices are a priority for the government," said Turmes.

The energy minister also announced that Luxembourg will support European efforts to synchronise the Ukrainian electricity network with the European network.

This story was first published in French on . It has been translated and edited for Delano.