Germany releases 19.51 million barrels of oil reserves
Germany will release 19.51 million barrels of oil in a global IEA effort. Berlin also plans to limit petrol price increases to once per day to manage costs.
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Germany has announced it will release a significant portion of its strategic oil reserves as part of a coordinated international effort to stabilize energy markets. The decision follows a recommendation from the International Energy Agency (IEA) to release 400 million barrels globally, marking the largest intervention in the organization's history. This move comes as global crude prices soar due to the escalating conflict between Israel and Iran.
