Germany's upper house clears further release of oil stocks
USO•Germany's Bundesrat approved temporarily reducing mandatory oil stockpiles to 82 days of supply from 90, clearing the release of about 16 million barrels of oil and petroleum products.
1. Stockpile reduction approved
Germany's Bundesrat approved temporarily reducing mandatory stockpiles of crude oil and petroleum products to 82 days of supply from 90 days. The vote clears the release of about 16 million barrels.
2. International commitments
The move follows Berlin's commitments under international agreements to release oil reserves in March and earlier this month. Two weeks ago, G7 countries agreed to release 100 million barrels of diesel and crude oil from emergency reserves; a coordinated release of 400 million barrels took place in March.
