The Associated Press reported that Germany and Austria said they will release some of their oil reserves following an International Energy Agency request for members to release a record 400 million barrels to help slow energy price spikes due to the Iran war.
Japan also said it will release some of its reserves starting Monday.
The Group of Seven energy ministers met Tuesday at IEA headquarters in Paris to discuss the possible release of oil reserves.
The largest-ever previous collective release of emergency stocks by IEA member countries was 182.7 million barrels after Russia’s full-scale invasion of Ukraine in 2022.
IEA members hold over 1.2 billion barrels of public emergency oil stocks, with a further 600 million barrels of industry stocks held under government obligation.
