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Germany, Austria will release reserve oil in effort to calm surging prices
Germany and Austria join the International Energy Agency's coordinated release of 400 million barrels to stabilize oil prices amid Iran war disruptions to the Strait of Hormuz.
- On Wednesday, the International Energy Agency requested member states release 400 million barrels of oil from emergency reserves to temper price spikes driven by Middle East conflict.
- Escalating conflict in the Middle East has effectively shut down the Strait of Hormuz, where about 20% of global petroleum supply passes, reducing export volumes to less than 10% of pre-war levels.
- Germany, Austria, and Japan committed to releasing national reserves, with Japanese Prime Minister Sanae Takaichi announcing Japan would act as early as March 16; the coordinated action exceeds the 182.7 million barrel record from 2022.
- Analysts, including Swissquote senior analyst Ipek Ozkardeskaya, labeled the 400 million barrel volume a "meagre" temporary fix compared to the roughly 45 million barrels IEA countries consume daily, though Brent crude stabilized around $90 per barrel.
- G-7 energy ministers, led by France, expressed support for proactive measures and stand ready to take further action, as the crude market faces continued volatility from the ongoing Iran-Israel conflict.
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Amid rising energy costs due to the Middle East war, Germany will release part of its national oil reserves, Economy and Energy Minister Katherina Reiche announced today. The same step has been announced by Japan, which wants to take the lead in calming the situation on the oil market.
Coverage Details
Total News Sources132
Leaning Left21Leaning Right15Center46Last UpdatedBias Distribution56% Center
Bias Distribution
- 56% of the sources are Center
56% Center
L 26%
C 56%
R 18%
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