BERLIN (dpa-AFX) – Germany will release a total of 6.5 million barrels of crude oil from its reserves in several stages over the next six months. The federal government is thus following a commitment by the 31 member countries of the International Energy Agency (IEA), as the Federal Ministry of Economics announced on Friday evening in Berlin. Accordingly, the IEA states want to release a further 120 million barrels of oil in order to mitigate the consequences of Russia’s war against Ukraine on the markets. The German contribution of 5.4 percent corresponds to the share of mineral oil consumption in the IEA countries.
The ministry pointed out that the oil supply is currently secured – “there are no restrictions on the supply of crude oil and mineral oil products in Germany”. The 6.5 million barrels correspond to around 4 percent of the German mineral oil reserve./brd/DP/he