The Swedish government announced on Thursday that it will release 5 percent of its strategic gasoline reserve, in line with a coordinated international effort to offset Hurricane Katrina's impact on oil markets.

According to Radio Sweden, the government said it will free up nearly 68 million liters, or 18 million gallons, of gasoline for market use as part of a joint release by the 26 member nations of the International Energy Agency.

The members have unanimously approved a US request to release the equivalent of 2 million barrels of oil per day for an initial period of 30 days. Minister for Sustainable Development Mona Sahlin said that "It is a given that we will stand behind this, now that this disaster has hit part of the world's energy system."

This is the first time in the Swedish history that the government makes such a move.

Source: Xinhua