📋 Tender Overview
Today, The International Energy Agency (Iea) And Its Member Countries Decided To Begin A Voluntary Collective Release Of 400 Million Barrels (More Than 54 Million Tons) Of Oil Reserves. The Baltic Countries, Being Active Members Of The Iea And Responsible Participants Of The Global Energy System, Actively Participated In The Decision-Making Process And Supported This Decision. The Collective Release Of Reserves And Proactive Actions At All Levels - Iea, European Union And The Region - Aim To Stabilize Global Oil Markets In A Period Of Uncertainty And Reduce Risks To Security Of Supply In Countries Most Affected By Disruptions In International Trade Routes, With The Impact Felt Most Strongly In The East Asian Region. Although The Security Of Fuel Supply In The Baltic States Has Not Been Affected, The Wider Economic Impact Is Evident - Changes In The Closely Related Global Energy Markets Lead To Rising Fuel Prices. The Sudden Rise In Fuel Prices Has A Negative Impact On Residents, Businesses And Economies Across Europe, Including The Baltic States. Also, Taking Into Account The High Interdependence Of The Baltic Countries In The Area Of Fuel Prices, It Is Important That Any Interventions In The Market Are Properly Coordinated. In Recent Days, Ministers Zygymantas Vaiciunas, Kaspars Melnis, Andres Sutt And Viktors Valainis Discussed Tea Collective Actions And Agreed That The Baltic States Will Contribute To Them By Following National Procedures And Releasing Part Of The Reserve Fuel Stocks In A Coordinated Manner. In The Next Step, Lithuania, Latvia And Estonia Will Immediately Take National Decisions On The Release Of Oil Product Reserves To The Market (Determining The Quantities, Periods And Other Necessary Parameters) In Order To Achieve The Greatest Possible Positive Impact On Both The Market And Consumers And The Effective Control Of The Current Situation Of Rising Fuel Prices. It Is Expected That The Coordinated Release Of Reserve Fuel Reserves Will Reduce The Increase In Fuel Prices - This Is The Most Important Short-Term Goal For Which Immediate Use Must Be Made All Appropriate Measures, - The Energy Ministers Of The Baltic Countries Emphasize The Importance Of Both International And Future National Decisions. By Emphasizing The Importance Of Timely International Solutions, The Energy Ministers Of The Baltic Countries Stand In Solidarity With The Regions Affected By Global Fuel Prices In Order To Stabilize Fuel Prices And Effectively Respond To Any Challenges. At The Same Time, We Express Solidarity With Regions Where Energy Security Is Directly Compromised And Where Urgent Measures Are Necessary To Ensure An Uninterrupted Supply Of Fuel. Such Coordinated International Actions Show The Importance Of Cooperation And Joint Responsibility In Solving Disruptions In Global Energy Markets And Amortizing The Rise In Fuel Prices At Both Regional And National Levels, The Energy Ministers Of The Baltic States Note. It Is Important To Note That The Baltic States Support The Iea BoardS Recommendation That The Release Of Oil Product Stocks Must Be Implemented In Conjunction With Broader International Efforts To Restore Safe Transit Through The Strait Of Hormuz. This Should Also Include The Shipping Ban And Military Convoy Measures Initiated By The United States Of America To Ensure The Protection And Safe Movement Of Tankers In This Strategically Sensitive Area. The Baltic States Remain Committed To Cooperating With International Partners In Strengthening Energy Security, Increasing Market Stability And Ensuring Reliable Supply Of Energy Resources And The Most Competitive Prices For Consumers.
