Original Coverage & Source Attribution: egyptoil-gas.com
Germany will release up to 15 million barrels (mmbbl) of crude oil and petroleum products from its emergency reserves under a coordinated Group of Seven (G7) initiative led by the International Energy Agency (IEA), Reuters reported. The move aims to ease fuel shortages and contain rising energy prices amid supply disruptions linked to conflicts involving Iran and Ukraine.
The Group of Seven (G7) is an intergovernmental coalition formed by Canada, France, Germany, Italy, Japan, the UK, the US, and the EU.
The planned release includes diesel and heating oil, alongside crude oil, making Germany a major contributor to efforts to improve the availability of refined petroleum products. The initiative reflects growing concern over diesel supplies, which are critical to transportation, agriculture, and industrial activity.
Under the G7’s October 2 agreement, member countries committed to coordinate the IEA’s release of 100 million barrels of oil over four months, with a substantial portion of the diesel release scheduled to begin within the first 20 days. The group also called for coordination of refinery maintenance and higher refinery utilization where feasible to increase fuel availability
The IEA announced on March 11, 2026, that its 32 member countries would make 400 million barrels of oil available from emergency reserves in response to disruptions caused by the Middle East conflict. The agency said oil flows through the Strait of Hormuz had fallen to less than 10% of pre-conflict levels, highlighting the scale of the supply shock.
