Germany and other countries partially release their oil reserves to control prices
Germany and several other countries have begun coordinated efforts to stabilize global oil markets after the war involving Iran pushed energy prices sharply higher. Governments are considering releasing emergency oil reserves to control rising fuel costs and prevent supply disruptions.
German Economy Minister كاثرينا رايشه (Katherina Reiche) announced in Berlin that members of the International Energy Agency – IEA (Internationaal Energieagentschap) have been asked to collectively release 400 million barrels of oil from national reserves. Germany plans to contribute around 2.4 million metric tons. She said the move reflects international solidarity, even though Germany itself is not currently experiencing a shortage.
At the same time, Austria confirmed it will participate in the international plan and will also restrict fuel stations to increasing gasoline and diesel prices only once per day. Japan announced it would move even faster, with Prime Minister سانائي تاكاييتشي (Sanae Takaichi) stating that the country would start releasing strategic reserves as early as the 16th of this month to stabilize global supply.
French Economy Minister رولان ليسكور (Roland Lescure) described the series of announcements as part of a highly coordinated international response. The discussions followed meetings among G7 (Groep van Zeven) ministers, where experts from the International Energy Agency – IEA (Internationaal Energieagentschap) evaluated whether releasing oil reserves could ease market pressure.
Germany also plans to adopt what كاثرينا رايشه called the “Austrian model,” limiting fuel stations to only one daily price increase. Authorities want to prevent the so-called “rocket and feather effect,” where fuel prices rise rapidly when oil becomes expensive but fall slowly when costs drop.
Oil prices surged after attacks on Iran and tensions around the Straat van Hormuz (Strait of Hormuz) disrupted shipments. A barrel of Brent crude climbed to around $90 on Wednesday, compared to about $68 a month earlier. Rising crude prices have already pushed fuel costs higher at filling stations across much of the world.
According to reports, the first phase of the coordinated plan could release about 100 million barrels from reserves, with the total potentially reaching 400 million over time. This would be significantly larger than the emergency release following Russia’s full-scale invasion of Ukraine in 2022.
Germany’s oil reserves are managed by the Petroleum Stockpiling Association – EBV (Erdölbevorratungsverband), which ensures the country maintains enough reserves to cover 90 days of net oil imports. By law, these reserves can only be released when there is a physical disruption to supply, not simply to reduce prices. Germany imports only about 6% of its crude oil from the Middle East, with most supplies coming from Norway, the United States, Libya, Kazakhstan, and the United Kingdom.