The German government is releasing 434,000 tonnes from its national oil stockpile in line with an agreement by members of the International Energy Agency in response to the war in Ukraine, Germany's finance minister said on Wednesday.
This corresponds to 5.4 percent of Germany's share as part of the agreement with the IEA, he said.
The U.S. and other International Energy Organization member states decided Tuesday to release 60 million barrels of reserve oil to offset supply disruptions resulting from Russia's attack on Ukraine.
The Russian oil trade is in disarray after several nations imposed sanctions on Russian companies, banks and individuals. The oil trade is exempt from sanctions, but buyers are avoiding it to avoid inadvertently violating the sanctions
(CNA)
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