Germany to release oil reserves amid Mideast war

"The International Energy Agency therefore asked its member states yesterday evening to release oil reserves amounting to 400 million barrels. We will comply with this request and make our contribution."

"We have therefore decided to limit the frequency of price changes. Petrol stations are only allowed to increase their fuel prices once a day. But price reductions are allowed at any time."

"Past energy crises had shown that costs at the pump tended to rise rapidly with the oil price, but fall more slowly."

Germany will release part of its strategic oil reserves totaling 2.4 million tons in response to the International Energy Agency's request for member states to collectively release 400 million barrels. This action aims to reduce global oil prices amid rising energy costs caused by Middle East tensions. Germany's total reserves amount to approximately 19.5 million tons. Additionally, German petrol stations are now restricted to increasing fuel prices only once per day, though price reductions remain unrestricted. This measure addresses the historical pattern where pump prices rise quickly with oil costs but fall slowly. Germany has previously tapped its strategic reserves during the 1990-1991 Gulf War, after Hurricane Katrina in 2005, and during Libya's 2011 conflict.

Read at The Local Germany