Global Oil Reserves Released to Curb Energy Crisis

Germany and Austria, along with Japan, will release significant portions of their oil reserves as part of an International Energy Agency initiative to counteract energy price spikes caused by Iran war tensions. This follows a previous record release during Russia's 2022 Ukraine invasion.

Germany and Austria have announced the release of portions of their oil reserves, responding to a call from the International Energy Agency (IEA). The move aims to mitigate the impact of surging energy prices triggered by the ongoing conflict in Iran.

The IEA has requested member nations to collectively release 400 million barrels of oil, a measure significantly larger than the previous record of 182.7 million barrels, which was deployed amid the energy crisis following Russia's full-scale invasion of Ukraine in 2022.

Germany's economy minister confirmed that the country plans to contribute to this joint effort by releasing parts of its oil reserves, accounting for roughly 54 million tons. Japan has also committed to beginning the release of its reserves from Monday onwards.

(With inputs from agencies.)