Germany to release up to 15 million barrels of oil under G7 plan
USO•Germany will release up to 15 million barrels of diesel, heating oil and crude from emergency reserves under a G7-backed effort. Diesel and heating oil will come first, Economy Minister Katherina Reiche said.
1. Release plan
Germany will release up to 15 million barrels of diesel, heating oil and crude from emergency reserves, Economy Minister Katherina Reiche said. Diesel and heating oil will be released first, followed by crude, but she did not specify the volumes of each or the timeline.
2. IEA commitments
The International Energy Agency agreed to accelerate planned releases of about 100 million barrels from emergency reserves. Germany had pledged 19.5 million barrels under the IEA programme launched in March; France announced a 10-million-barrel release on Wednesday, and Italy said it had met its 10-million-barrel commitment.
3. Remaining volumes
JPMorgan estimates Europe has about 40 million barrels left to release from volumes pledged under the March programme. With France and Germany committing a combined 25 million barrels, roughly 15 million barrels would remain outstanding.
