Germany will make up to 15 million barrels of oil and petroleum products available from its emergency reserves, the Economy Ministry announced on Friday. The decision is Berlin’s share of a G7 agreement to release a combined 100 million barrels of diesel and crude oil.
Order of release
Speaking to Reuters, Deputy Economy Minister Katharina Reiche said refined products would be prioritised. “Diesel and heating oil will be made available first, followed by crude oil,” she said.
Ms Reiche added that Germany would fully implement the G7 agreement.
Focus on the supply chain
Explaining the approach, Ms Reiche pointed to the limits of releasing crude alone. “We must always take the entire supply chain into account. The availability of crude oil alone is not enough,” she said.
US pressure on the European Union
According to the report, the United States had led a campaign to press the European Union to use its emergency diesel reserves. The Trump administration warned that failure to act could lead to a US ban on diesel exports.
Source: CNA
