Germany to release up to 15 million barrels of oil, petroleum products

Germany ​will release up ​to 15 million ‌barrels of ​oil and petroleum products, the economy ministry said on ‌Friday, after the Group of Seven countries agreed to release a total of 100 million ‌barrels of diesel and crude oil from ‌emergency reserves. "Diesel and heating oil will be the first, with crude oil to follow," Economy Minister ⁠Katherina ​Reiche told ⁠Reuters, adding that Germany will fully implement the G7 ⁠agreement.

"We must always have the entire supply ​chain in mind. Available crude oil alone ⁠is not enough," she said. The US had led ⁠a ​pressure campaign on the European Union to draw down emergency diesel inventories, ⁠with the Trump administration warning that failure to act ⁠could ⁠lead to an American ban on diesel exports.