German government releases part of national oil reserve

A worker takes a sample from an oil storage tank at a fuel and oil storage facility in the northern German city of Hamburg June 3, 2004. REUTERS/Christian Charisius

BERLIN, March 2 (Reuters) - The German government is releasing 434,000 tonnes of its national oil reserve, in line with an agreement by members of the International Energy Agency (IEA) in response to the war in Ukraine, Germany's economy ministry said on Wednesday.

The United States and 30 other IEA member states on Tuesday agreed to release 60 million barrels of oil reserves to compensate for supply disruptions following Russia's invasion of Ukraine.

The 60 million barrels represent 4% of the 1.5 billion barrels of emergency stockpiles held by IEA members, the agency said, and is equivalent to 2 million barrels a day for 30 days. read more

Germany's contribution to the IEA total, calculated based on each member's oil consumption, was 5.4%, which corresponds to 434,000 tonnes or about 3% of Germany's oil reserve.

The ministry said the IEA contribution reduces its strategic reserves to the legally stipulated 90 days, from its current 93 days, and there were no restrictions on oil supply in Germany.

Russian oil trade is in disarray after many nations imposed sanctions on Russian companies, banks and individuals.

Oil trade is exempt from sanctions but buyers are shunning Russian oil to avoid unwittingly violating sanctions.

Reporting by Thomas Escritt and Markus Wacket; Editing by Maria Sheahan, Miranda Murray and Jonathan Oatis

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