Lithuania to contribute to international efforts to stabilise oil markets: 80,000 tonnes of oil stocks to be released
On 17 March, the Minister of Energy signed an order requiring AB ORLEN Lietuva to cut its industrial oil stocks by 80,000 tonnes and make this volume available to the market immediately.
The decision follows disruptions in the global oil market and growing supply risks, and is based on the International Energy Agency’s (IEA) collective action plan. These circumstances were discussed today at a meeting at the Ministry of Energy, attended by the Lithuanian Energy Agency, which is responsible for administering national energy reserves, as well as representatives of AB ORLEN Lietuva, the obligated enterprise holding the largest share of industrial oil stocks. The decision was adopted in line with Lithuania’s international obligations and national legislation.
“These actions are part of a broader, coordinated international response aimed at ensuring the stability of oil and petroleum product supplies, restoring the balance between supply and demand, and stabilising global prices for oil and its products, including bringing them back to pre‑crisis levels. The recent rise in fuel prices in Lithuania, Europe and worldwide is directly linked to geopolitical tensions in the Middle East and the Iran conflict, which is creating risks to oil supplies on the global market. It is essential that, alongside this step by the Ministry of Energy, other national measures are also considered to deliver long‑term and effective solutions for reducing fuel prices. It is also important to stress that replenishing the released stocks will not place a financial burden on consumers; the reserve will be restored once market prices have stabilised,” says Vice-Minister of Energy Gabriel Gorbačevski.
The IEA was founded after the 1973 oil crisis in order to strengthen global energy supply security and ensure a coordinated response to serious disruptions in oil supply. One of the IEA’s most important – though seldom invoked – instruments is the collective release of oil stocks, which is only activated when the global market is confronted with challenges of an exceptional magnitude.
It is important to underline that oil and fuel supply in the Baltic States remains secure; however, fluctuations on global markets have a direct impact on prices in the region. Coordinated collective actions taken at the international level are therefore crucial for protecting consumers and the economy from sudden price spikes and creating conditions for price stabilisation.
Rising fuel prices on international markets are closely linked to geopolitical tensions and disruptions in global oil supply. Short‑term market interventions must be combined with long‑term solutions that strengthen energy resilience and reduce dependence on unstable regions.
The Lithuanian Energy Agency is continuously monitoring global energy markets, analysing price trends and evaluating the effectiveness of potential measures.
Last updated: 18-03-2026
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