
The federal government is responding to international commitments and G7 resolutions to stabilize the market with a focus on diesel and heating oil.
AI-generated summary
In March, the IEA decided to release strategic oil reserves due to the Iran war. At the beginning of October, the G7 countries called for these measures to actually be implemented.
At the beginning of October, the G7 decided to throw oil reserves onto the market. Germany is now complying. The federal government is concentrating on diesel and heating oil.
Tank farm in the port of Hamburg: Germany is releasing further strategic oil reserves to help stabilize the tense markets. Photo: picture alliance / blickwinkel/C. Emperor
Berlin. Germany releases further oil reserves. In this way, the Federal Government is complying with international obligations, including a decision by the G7 countries, the Ministry of Economic Affairs said upon request. A corresponding regulation came into force on Thursday.
According to a key from the International Energy Agency (IEA), Germany is expected to contribute 19.5 million barrels of a total of 100 million barrels. According to the ministry, 6 million of these had been released by October. According to the ministry, the focus will initially be on releasing diesel and heating oil for the remaining 13.5 million barrels.
Minister Katherina Reiche (CDU) had previously pointed out on the sidelines of an event on a planned refinery strategy that a regulation had been published in the Federal Law Gazette on Wednesday. The regulation temporarily reduces Germany's strategic oil reserves from 90 to 82 days.
In March, the IEA decided to release strategic oil reserves in response to the Iran war. The move was intended to stabilize the tense markets. As a result of the war, fuel prices at gas stations rose sharply. At the beginning of October, the G7 countries demanded that stocks from the reserve actually be released.
More: Oil is falling, but gas is as expensive as it was last at the end of 2022

In a letter to Economics Minister Katherina Reiche, eight German Prime Ministers are calling for urgent changes to the offshore wind energy law in order to protect German industry from deindustrialization and the loss of 23,000 jobs.

Finland is the first country in the world to approve the operation of the underground repository “Onkalo” for highly radioactive nuclear waste at a depth of 400 meters.

A tanker carrying Russian diesel is on its way to the United States, according to shipping data. This is part of a controversial deal between Donald Trump and Vladimir Putin to lower fuel prices ahead of the midterm elections.

The Federal Ministry of Economics has started a dialogue to secure the long-term security of the eleven German refinery locations. A loss of the plants would particularly threaten the chemical industry and cannot be offset by imports.
Finland has approved the operation of the world's first final repository for spent nuclear fuel. The “Onkalo” underground storage facility in Eurajoki is due to go into operation soon after 22 years of construction.

Despite normalizing crude oil exports from the Gulf region, Brent oil prices rise to a five-month high above $112. The main drivers are an acute diesel shortage, skyrocketing freight rates and a global shortage of tanker capacity coupled with low inventories.