Erdölbohrturm im Sonnenuntergang; Quelle: istockphoto.com/David Jones

© istockphoto.com/David Jones

At an extraordinary ministerial meeting of the IEA Governing Board held on 1 April 2022, all IEA member states generally supported an agreement initiated and prepared by the U.S. for the release of oil reserves totalling 120 million barrels. Germany has renewed its commitment corresponding to its 5.4% share of total oil consumption among IEA countries. The contributions of participating IEA member states to the oil release were officially approved by the IEA Governing Board on 7 April 2022. This time, Germany will release the announced volumes from its oil reserves not at once, but in stages over a period of six months.

Patrick Graichen, State Secretary at the Federal Ministry for Economic Affairs and Climate Action: “This is a further contribution we are making in coordination with our international partners. Never before has it been so important to act in unity. The measure, which has been coordinated within the IEA, is also intended to mitigate market volatility and stabilise prices.”

The IEA’s agreement of 1 April 2022 will now be elaborated and implemented. In consultation with the Federal Ministry for Economic Affairs and Climate Action, the German National Petroleum Stockpiling Agency will offer the relevant oil supplies for sale at market prices to companies of the petroleum industry. As opposed to previous releases, however, this release will be conducted in stages over a period of six months in order to comply with current policy imperatives regarding the supply situation.

At present, security of supply is ensured: there is no shortage in Germany with regard to the supply of crude oil or petroleum products.

Germany’s 5.4% share comprises around 6.5 million barrels, equalling approx. 4% of Germany’s petroleum reserves. However, the release of this amount will reduce the durability of the country’s strategic reserves by just 3.5 days.