Germany’s national oil storage agency has launched a tender to sell quantities of diesel, heating oil and crude oil from the country’s strategic reserves, according to a document.
A trader who received an invitation to purchase the oil said the tender marks Germany’s first release of oil from its strategic reserves since G7 countries agreed on October 1 to draw down their emergency stocks.
The G7 agreed to release 100 million barrels from emergency reserves under pressure from U.S. President Donald Trump in an effort to calm energy markets.
Rising diesel prices, which have reached record levels, have become a major issue for Trump ahead of the November 3 midterm elections for Congress.
The agreement, coordinated by the International Energy Agency, includes accelerating the release of 20 million barrels of diesel, in addition to any remaining volumes from emergency reserve releases pledged in March at the start of the war with Iran.
Source: Reuters
