🇩🇪 Germany Releases Strategic Oil Reserves: Up to 15 Million Barrels

Economics Minister Katherina Reiche has announced preparations to release up to 15 million barrels of oil and oil products. Diesel fuel and heating oil are to be placed on the market first, followed by crude oil. This decision was made as part of coordinated G7 measures to stabilize the energy market against the backdrop of the wars in the Middle East and Ukraine.

Germany plans to submit a corresponding regulation to the Bundesrat on October 16. The International Energy Agency intends to accelerate the release of around 100 million barrels from previously agreed reserves. The focus is primarily on faster implementation of the commitments made in March, not on fundamentally new supply volumes.

The use of strategic reserves underscores the seriousness of the situation on the fuel market. However, the reserves can only temporarily alleviate the shortage—they neither eliminate the causes of the supply disruptions nor the reasons for the high prices.


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