GERMANY TO PUT 15 MILLION BARRELS OF FUEL, HEATING OIL AND CRUDE ON MARKET

BERLIN, OCTOBER 9 /SRNA-Reuters/ - Germany will release 15 million barrels of diesel, heating oil and crude oil from its reserves onto the market, Economy Minister Katherina Reiche said today.

"Diesel and heating oil will come first, followed by crude oil. We always have to keep the entire supply chain in mind. The available quantities of crude oil are not sufficient," Reiche said.

She added that Germany would fully implement the G7 agreement.

The International Energy Agency /IEA/ agreed in the middle of the week to accelerate the planned release of around 100 million barrels of oil from reserves, with priority being given to diesel.

The United States had led a campaign pressing the EU to reduce its diesel stockpiles, while the administration of US President Donald Trump warned that failure to act could lead to a US ban on diesel exports.

The IEA launched a program in March to release 400 million barrels in an effort to ease shortages caused by the conflict in the Middle East, although those supplies have yet to reach the market.

Germany pledged to release 19.5 million barrels under the March agreement, while France committed 14.6 million barrels.

France announced in the middle of the week that it would release 10 million barrels from its reserves, while Italy said it had already met its 10-million-barrel commitment.