G7 release of oil reserves: criticism and doubts about sustainability

The release, like the fuel discount, is a plaster that can provide short-term relief, said the expert from the German Economic Institute (IW): "It can cushion something for a while, but the fundamental problem still remains."

What is also crucial for drivers is how large the diesel share of the released reserves is, said Sultan. This is not clear from the G7 communication. Because the location in the Strait of Hormuz not only restricts oil exports, important refineries are also cut off from the world market.

Reiche: No risk to energy supply

However, according to Sultan, the Strait of Hormuz needs to be opened for a permanent normalization of energy prices. Tankers have come under attack there again in the past few days, as the British Maritime Safety Authority (UKMTO) announced. "If at the same time we have a further escalation in the Strait of Hormuz," said the authority, "and nothing gets through, then the reserve will only be a drop in the ocean."

US President Donald Trump has put pressure on Europe to release reserves in recent days. He had also threatened to ban the export of diesel from the USA. Trump wants to reduce high fuel prices shortly before the midterm elections in the USA at the beginning of November. The Greens sharply criticize the G7's decision for this reason: "Trump's election campaign is not an emergency. This release is political stupidity. The EU is making itself small and weak,” said Green energy politician Michael Kellner to SPIEGEL.

It is unclear to what extent the 100 million barrels that have now been decided mean additional use of the reserves beyond the release decided in March. At that time, the IEA had suggested an amount of up to 400 million barrels. The G7's announcement on Friday states that the 100 million barrels now decided are part of the implementation of the commitments made at the time - but "taking into account the commitments that have already been fulfilled." According to the IEA, 325 of the 400 million barrels have been released so far. This means that only 75 million barrels from the March decision would still be outstanding.

Federal Economics Minister Katherina Reiche (CDU) is meanwhile trying to dispel fears about bottlenecks. Reiche announced on Friday that the energy supply would not be endangered by the release. Over four months, 100 million barrels (159 liters each) would be mobilized in a coordinated manner through the IEA, with a significant diesel release in just the first 20 days. “There is always sufficient reserve to secure the supply in the system.” This is continuously monitored.