Germany in talks on extending oil reserve waiver, economy ministry says

Germany's economy ministry is considering extending the partial release of its national oil reserves beyond August 31, amid discussions on the current IEA-coordinated emergency stock release.

Germany's economy ministry is considering ​whether to extend the ​partial release of its national ‌oil reserves ​beyond this summer, a spokesperson said on Thursday. Germany had temporarily reduced a stockpiling requirement in March ‌to take part in an IEA-coordinated emergency stock release over Iran war supply disruptions.

"We are still in discussions about whether there should be an ‌extension" beyond the current August 31 expiry date, the spokesperson said ‌in an emailed statement to Reuters. Germany was one of the International Energy Agency's 32 members who agreed in March to release a record 400 million barrels of ⁠oil ​from strategic stockpiles ⁠to combat a spike in global crude prices.

The U.S. has announced an interim deal ⁠to end the Iran war, including reopening the key Strait of Hormuz, which ​could potentially end the largest oil supply disruption in history. Under the ⁠IEA release, Germany's contribution amounted to 2.65 million metric tons, or 19.5 million ⁠barrels. ​It initially offered 600,000 metric tons, which have since been absorbed by the market.

The ministry said last week that it saw no ⁠reason to release additional oil reserves. "The vast majority of crude oil and ⁠petroleum products therefore remain ⁠in reserve," said the spokesperson on Thursday, adding that there is currently no physical energy shortages in Germany.