Switzerland will tap into its strategic oil reserves, unlocking 12.8% of the volumes until the end of September, as droughts put the country's major waterway, the Rhine, out of operation, the government said on Thursday
GENEVA (Pakistan Point News / Sputnik - 18th August, 2022) Switzerland will tap into its strategic oil reserves, unlocking 12.8% of the volumes until the end of September, as droughts put the country's major waterway, the Rhine, out of operation, the government said on Thursday.
This is the second time Switzerland decides to tap into its oil reserves in less than a month.
"Supplying Switzerland with petroleum products continues to pose a logistical challenge. The Federal Office for National Economic Supply (FONES) has therefore decided to authorize the second withdrawal of the compulsory reserves, which will allow to unlock a new tranche, accounting for 12.8% of total reserves, until the end of September 2022," the document said.
In absolute numbers, Switzerland will withdraw 490,000 cubic meters of oil.
The government said that persistent droughts caused water levels in the Rhine to fall to record lows, hampering navigation for cargo vessels and practically paralyzing this transport route.
