The German government released around 600,000 tons of crude oil, diesel, and kerosene from the national oil reserve nearly three months ago to combat the energy crisis. According to information from the ARD capital studio, this amount is now almost completely used up. The Economy Ministry stated in response to an inquiry: “The quantities have now been absorbed by the market, with the exception of very few remaining stocks of crude oil.”
Germany thus followed a call from the International Energy Agency (IEA), which had recommended a release in response to price shocks caused by the Iran war. Originally, 2.64 million tons were earmarked for Germany, but only about 600,000 tons were actually released – significantly less than planned. Despite the depleted reserve, the ministry emphasizes that there are no energy shortages. It says it is in close contact with the industry and can respond quickly.
The ministry left open whether the German government intends to release further parts of the reserve. Economy Minister Katharina Reiche was not a supporter of the step even during the first release but followed international pressure. The ministry made clear again: The oil reserve is for emergencies, “not primarily for price stabilization.”
Source: Tagesschau
