The German government has said it is releasing some of its national oil reserves in a bid to stabilize the oil market and ease pressure on crude prices from the Russia-Ukraine war.
According to Reuters, the German Minister of Economy stated that 434,000 tons of oil will be released from the country’s national reserves.
According to him, the amount corresponds to 5.4% of Germany’s share in its agreements with the International Energy Agency.
It is noted that after the Russian invasion of Ukraine, oil prices have been rising sharply, which has escalated in recent days with the imposition of Western sanctions on Moscow.
In this climate, the price of Brent crude oil today reached $ 114 a barrel.
Earlier in the day, Germany announced it would release $ 1.5 billion in emergency funding to buy the fastest possible liquefied natural gas (LNG) to secure its energy supply, amid uncertainty over the war.
Source: Capital
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