Germany is in discussions to extend the oil reserve exemption, Economy Ministry says

A spokesperson for the German economy ministry said that it is evaluating whether to extend partial release of its oil reserves past this summer.

In March, Germany temporarily reduced its stockpiling requirements to participate in an IEA coordinated emergency stock release due to the disruptions in Iran war supplies.

The spokesperson said in an email that they were still discussing whether or not there should be a "extension" of the current expiration date of August 31.

Germany was among the 32 members of the International Energy Agency who agreed to release 400 million barrels from strategic stockpiles in March, to combat a global spike in crude oil prices.

The U.S. announced an interim agreement to end the Iran War, which includes reopening of the Strait of Hormuz. This could end the biggest oil supply disruption in history.

According to the IEA's release, Germany contributed 2.65 million metric tons or 19.5 million barrels. The initial offer was?600,000. This has since been consumed by the market.

Last week, the ministry stated that it did not see any reason to release more oil reserves.

The spokesperson said on Thursday that the vast majority of crude?oil and petroleum?products are still in reserve. He added that Germany is not experiencing any physical energy shortages.

(source: Reuters)