Germany in Talks to Extend Oil Reserve Waiver After IEA Stock Release
Germany Considers Extension of Oil Reserve Waiver Amid Global Supply Developments
Background on Germany's Oil Reserve Policy
BERLIN, June 18 (Reuters) - 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.
Current Discussions and Expiry Date
Potential Extension Beyond August 31
"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.
IEA-Coordinated Emergency Stock Release
Germany's Role in the International Response
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.
Impact of the Iran War and Strait of Hormuz Reopening
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.
Details of Germany's Oil Contribution
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.
Current Status of Oil Reserves
Ministry's Position on Further Releases
The ministry said last week that it saw no reason to release additional oil reserves.
Energy Security in Germany
"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.
(Reporting by Holger Hansen, Writing by Miranda Murray, Editing by Friederike Heine)
