Germany is reportedly preparing to release part of its national oil reserves amid rising oil and fuel prices, according to several media outlets citing government sources.
The move is said to be coordinated internationally. The International Energy Agency (IEA) has suggested that its member nations release up to 400 million barrels of crude-an unprecedented scale for a reserve release. German reserves would contribute about 19.5 million barrels of that total.
At the time of reporting, no official confirmation had come from the federal government. It is expected that Economy Minister Katarina Reiche (CDU) will address the press in Berlin on Wednesday afternoon.
