GERMANY AND AUSTRIA TO TAP OIL RESERVES AFTER 400 MILLION BARRELS REQUESTED. (PHOTO).

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 Germany and Austria to tap oil reserves after 400 million barrels requested


 Germany and Austria announced they are releasing portions of their oil reserves in response to an International Energy Agency request for member nations to collectively release 400 million barrels to help ease rising energy prices linked to the Iran conflict. Japan also said it will begin releasing part of its reserves starting Monday.

The move marks one of the largest coordinated releases of emergency oil stocks in history. The previous record came in 2022, when IEA members released 182.7 million barrels following the energy disruptions caused by Russia’s invasion of Ukraine. Member countries currently hold over 1.2 billion barrels of public emergency oil stocks, along with an additional 600 million barrels of industry stocks maintained under government requirements.

The release comes amid heightened tensions in the Persian Gulf, where Iran has targeted commercial ships and disrupted shipping through the Strait of Hormuz, a crucial passage for roughly one-fifth of global oil exports. Attacks on Gulf Arab oil fields and refineries have further fueled concerns about energy supply and global economic impact.

G7 energy ministers signaled support for “proactive measures” to stabilize the market, including the use of strategic reserves. According to the IEA, crude and refined product exports from the region are currently operating at less than 10% of pre-war levels, underscoring the urgency of coordinated action to mitigate the crisis.


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