Germany to release up to 15 million barrels of oil and petroleum products
USO•Germany will release up to 15 million barrels of oil and petroleum products after G7 countries agreed to release 100 million barrels of diesel and crude oil from emergency reserves.
1. Release sequence
Diesel and heating oil will be released first, followed by crude oil, Economy Minister Katherina Reiche said. She said Germany would fully implement the G7 agreement and that the entire supply chain must be considered.
2. U.S. pressure
The Trump administration had pressed the European Union to draw down emergency diesel inventories, warning that failure to act could lead to a U.S. ban on diesel exports.
