Germany Releases 15 Million Barrels of Oil Under G7 Deal
Germany will release up to 15 million barrels of oil and petroleum products following a G7 agreement and pressure from the United States.
Katherina Reiche, the German Economy Minister, announced that Germany will release up to 15 million barrels of oil and petroleum products from its emergency reserves. This action is part of a broader Group of Seven agreement to release a total of 100 million barrels of diesel and crude oil.
Reiche stated that diesel and heating oil will be released first, followed by crude oil. She noted that the government must maintain a view of the entire supply chain, as available crude oil alone is not sufficient to stabilize the market.
The decision follows a pressure campaign by the United States government. American officials warned the European Union that failure to draw down emergency diesel inventories could lead to a U.S. ban on diesel exports.
