📋 Tender Overview
Today, March 17, The Minister Of Energy Signed An Order Obliging Ab Orlen Lietuva To Reduce The Amount Of Oil Industry Reserves By 80 Thousand. Tons And Immediately Supply This Quantity To The Market. This Decision Was Taken Taking Into Account The Disruptions Of The Global Oil Market And Supply Risks And Based On The Collective Action Plan Of The International Energy Agency (Iea). These Circumstances Were Discussed Today At A Meeting Organized By The Ministry Of Energy, In Which The Lithuanian Energy Agency, Which Is Responsible For The Administration Of State Reserves, As Well As Representatives Of Ab Orlen Lietuva, As The Obligated Company With The Largest Share Of Industrial Oil Reserves, Participated. The Decision Was Made In Compliance With International Obligations And National Legislation. These Actions Are Part Of A Broader Coordinated International Response Aimed At Ensuring The Stability Of The Supply Of Oil And Its Products, Returning The Balance Of Supply And Demand And Stabilizing The Global Prices Of Oil And Its Products, As Well As Returning Them To Crisis Levels. The Increase In Fuel Prices In Lithuania, Europe And The Markets Around The World Is Directly Related To The Geopolitical Tension In The Middle East, The Iran Conflict, Which Poses Risks To Oil Supply In The Global Market. It Is Important That The Measures Of The Ministry Of Energy Are Next To This Other National Measures Are Being Considered In Order To Achieve Long-Term And Effective Solutions For Reducing Fuel Prices. It Is Important To Mention That The Financial Burden Will Not Be Transferred To Consumers, I.E., The Reserve Will Be Restored When Prices Stabilize In The Market, Says Deputy Energy Minister Gabriel Gorbachevski. The Iea Was Established After 1973. Oil Crises In Order To Strengthen Global Energy Security And Ensure A Coordinated Response To Serious Oil Supply Disruptions. One Of The Most Important, But Rarely Used Tools Of The Iea Is The Collective Release Of Oil Reserves, Which Is Activated Only When The Global Market Faces Challenges Of Exceptional Magnitude. It Is Important To Note That The Security Of Oil And Fuel Supply In The Baltic States Remains Assured, But Fluctuations In Global Markets Have A Direct Impact On Prices In The Region. Coordinated Collective Action At The International Level Is Therefore Important To Protect Consumers And The Economy From Sudden Price Spikes And To Enable Price Stabilization. The Rise In Fuel Prices In International Markets Is Closely Related To Geopolitical Tensions And Oil Supply Disruptions. Short-Term Market Interventions Must Be Combined With Long-Term Solutions That Strengthen Energy Resilience And Reduce Dependence On Fragile Regions. The Situation In Global Energy Markets Is Constantly Monitored By The Lithuanian Energy Agency, Which Evaluates Price Trends And The Effectiveness Of Possible Measures.
