Portugal says it has released all its strategic oil reserves under its 11 March commitment

Reserves released, no further sales

Portugal's Ministry of Environment and Energy said on 30 October that the country has released its entire strategic oil reserve under the commitment made on 11 March, and that the process is complete. The clarification, sent to the Lusa news agency, responds to reporting from Wednesday, 28 October, that 12 European Union countries, Portugal among them, would put about 42.6 million barrels of strategic reserves on the market, almost half of it diesel. That figure came from a communiqué issued after a meeting of EU energy ministers in Luxembourg, which AFP cited. The communiqué said the barrels would be released by the end of January 2027, including 20.5 million barrels of diesel, under a G7 commitment.

Total planned release42.6

Of which diesel20.5

Total planned release

42.6 million barrels

Of which diesel

20.5 million barrels

Data from the article text

The ministry said the Luxembourg meeting aimed to press countries that had not yet met that commitment, a position Portugal supported. On its own plans, the ministry was blunt:

“Portugal will not release new strategic oil reserves.”

Prices and the winter outlook

Energy prices have surged since the war in Iran began, with diesel exceeding 2.30 euros a litre in several EU countries. Under pressure from US President Donald Trump, G7 countries decided in early October to draw on their reserves. Epcol, the association of Portuguese fuel companies, sees no imminent risk of supply disruption this winter. Its spokesperson João Reis told Lusa there are no indications of such a risk for winter 2026/2027, citing refining capacity, logistics, imports and strategic reserves as the basis for supply security. The body responsible for setting up, managing and maintaining national reserves, the Entidade Nacional para o Setor Energético (ENSE), rates the petroleum sector at a yellow risk level because of Middle East instability, though it considers a real threat unlikely, which justifies ongoing monitoring. On 22 October the European Commission found no physical shortage of diesel or jet fuel in Europe, while warning that supply remains under pressure.

Sines refinery and the EU refining push

The Sines refinery is the only one operating in Portugal, and Epcol says it has some room to raise output there. Reis said any increase depends on crude and raw material availability, the type of crude, the mix of products the market wants, such as diesel, gasoline and jet fuel, and operating economics. He put the central caveat this way:

“We believe there is some margin to increase production in Sines, but the question is not only technical.”

On Wednesday, 28 October, the Commission called for an end to refinery closures and higher fuel output across the EU. After meeting industry representatives in Brussels, Commissioner Dan Jørgensen argued that existing refineries must produce more to help bring fuel prices down, as part of a joint roadmap to align refining with decarbonisation goals. Epcol views the initiative very favourably and warned about the cost of losing capacity:

“It would be very costly for Europe to lose refining capacity before fully capable alternatives exist to ensure the energy supply.”

The association does not expect large implications for the national sector, although Sines's strategic position could gain value. FuelsEurope, the European refining association, also backs the initiative.