Germany to Release Oil Reserves Amid Iran War

Germany is preparing to release part of its national oil reserves as energy prices climb during the ongoing conflict involving Iran, according to Energy Minister Katherina Reiche.

Speaking in Berlin, Reiche said Germany would join other Group of Seven countries in releasing oil reserves as part of a coordinated effort aimed at stabilizing global energy prices.

The decision follows a special meeting held by the International Energy Agency on Tuesday to discuss the possibility of member states releasing national reserves.

“The International Energy Agency therefore asked its member states yesterday evening to release oil reserves amounting to 400 million barrels,” Reiche said.

“We will comply with this request and make our contribution,” she added.

Germany’s contribution would amount to more than 19 million barrels, roughly 20% of its national reserves, according to reports.

The release is intended to ease pressure on global oil markets as geopolitical tensions in the Middle East affect supply expectations.

Reiche also announced new measures to limit fuel price increases within Germany.

Under the policy, gas stations will only be allowed to raise fuel prices once per day, a move aimed at preventing rapid price hikes during the current volatility in energy markets.

As of Wednesday afternoon, Brent crude was trading at around $90 per barrel, reflecting rising concerns over supply disruptions linked to the conflict.