Shafaq News- Berlin

Germany and Austria on Wednesday said they plan to release oil from strategic reserves after the International Energy Agency (IEA) urged member states to tap emergency stocks to stabilize markets disrupted by the US-Israeli war with Iran.

Speaking to reporters in Berlin, German Economy Minister Katherina Reiche indicated that the IEA requested a collective release of up to 400 million barrels of oil —about 54 million tons. Germany will participate once the proposal receives formal approval, with authorities coordinating with energy suppliers to determine implementation. Berlin is expected to contribute around 2.4 million tons from national reserves.

Austrian Economy Minister Wolfgang Hattmannsdorfer, meanwhile, noted that Vienna will draw on part of its emergency oil stock while extending strategic gas reserves, emphasizing the need to shield commuters and businesses from crisis-driven price surges.

Governments worldwide are attempting to contain a sharp rise in energy prices triggered by the US-Israeli war with Iran. Oil briefly approached $120 per barrel in London earlier this week after shipping disruptions through the Strait of Hormuz, though prices later eased on expectations of coordinated reserve releases. The IEA last organized a similar large-scale action in 2022 following the energy shock linked to the Russia-Ukraine war.

Japan had announced preparations to begin using its reserves starting next Monday, with Prime Minister Sanae Takaichi saying the measure aims to curb rising fuel costs and maintain stable energy supplies.