Germany will release nearly 20 million barrels of oil reserves.

03/11 16:20

on the 11th, German Federal Minister for Economic Affairs and Energy Katarina Reiche stated that due to the surge in global energy prices caused by the US and Israel's military strikes on Iran, Germany will release 19.51 million barrels of strategic oil reserves to alleviate the pressure of rising oil prices. The German government will also impose restrictions on how gas stations adjust fuel prices, allowing price increases only once per day, while decreases are unrestricted. Reiche said that past energy crises have shown that oil prices rise quickly but fall slowly, so it is necessary to stabilize market fluctuations by limiting the frequency of price increases. Germany has used its strategic oil reserves three times so far: during the Gulf War in the 1990s, after Hurricane Katrina hit the US in 2005, and during the 2011 Libyan war which caused oil export disruptions. (Xinhua News Agency)

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