The German Economy Ministry is evaluating the possibility of extending the partial release of national oil reserves beyond August 31, a spokesperson said on Thursday (18).
Germany had temporarily reduced stockpile requirements in March to participate in an emergency release coordinated by the IEA (International Energy Agency) in response to supply disruptions caused by.
“We are still discussing whether there should be an extension” beyond the current Aug. 31 expiration date, the spokesperson shared in a statement emailed to Reuters.
Germany was one of 32 IEA members who agreed in March to release a record 400 million barrels of strategic stockpiles to combat rising global crude oil prices.
The United States announced an interim agreement to end the war with Iran, including the reopening of the .
Under the IEA release, Germany’s contribution totaled 2.65 million metric tons, or 19.5 million barrels. Initially, 600 thousand metric tons were offered, which have already been absorbed by the market.
The Ministry said last week that it saw no reason to release additional oil reserves.
