Germany to release 16 million barrels from state oil reserves
The Bundesrat approved the Ministry of Economy's plan to temporarily reduce mandatory stockpile coverage from 90 to 82 days.
The German Bundesrat has approved a proposal from the Ministry of Economy to put oil and fuel from state reserves onto the market in an effort to ease rising prices and secure supplies.
Under the temporary change, the rule that stockpiles must be sufficient for 90 days of consumption will be reduced to 82 days. That adjustment will allow roughly 16 million barrels of crude oil and petroleum products to be released onto the market.
IEA coordination and March shipments
In March, as part of an agreement among members of the International Energy Agency (IEA), Germany committed to release 19.5 million barrels of oil and oil products from its reserves. The collective IEA action covered a total of 425 million barrels across member countries, intended to ensure supply and curb price rises linked to the war in the Middle East.
Also in March, Germany released 600,000 tonnes of crude oil and petroleum products, equivalent to about 3.5 million barrels. Companies took approximately 470,000 tonnes of that shipment.
With the Bundesrat decision, the new regulation paves the way for the remaining roughly 16 million barrels to reach the market, a move aimed at relieving upward pressure on prices and bolstering supply security.
Photo: press material from the event
