Energy crisis in oil supply until end of year in Latvia

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An energy crisis in the supply of oil products has been announced in Latvia until 31 December of this year, according to a Cabinet order published in the official publication Latvijas Vēstnesis, LETA reported April 19.

The order determined that the State Energy Crisis Center is the responsible authority for the coordination of activities during the State energy crisis in the supply of oil products.

The order also stipulates that the release of oil safety reserves on the market is permitted and requires oil reserve holders in Latvia to prepare products for distribution.

The government agreed on Thursday, April 14, that fuel retailers and critical service providers will be able to buy fuel from the country's reserves if needed.

Minister of Economics Jānis Vitenbergs said out that such a government decision would provide a solution in the event of any disruption in the fuel market. Currently, Latvia has oil reserves for 90 days.

At the same time, the Minister stated that the current situation in the fuel trade sector is stable and there is no news that supply could be disrupted, but there are risks associated with the current geopolitical situation.

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