Germany will release up to 15 million barrels of diesel, heating oil and crude from emergency reserves, its economy minister told Reuters on Friday, making Europe’s largest contribution under a G7-backed effort to ease fuel shortages and curb soaring energy prices caused by the wars in Iran and Ukraine.
“Diesel and heating oil will be the first, with crude oil to follow,” Germany’s Economy Minister Katherina Reiche tells Reuters, adding that Germany will fully implement the G7 agreement.
“We must always have the entire supply chain in mind. Available crude oil alone is not enough,” she says without specifying the breakdown between diesel, heating oil and crude or the timeline of the release.
