Germany releases part of oil reserves due to Mideast war

Energy Minister Katherina Reiche said on Wednesday that Germany will release part of its oil reserve as global energy costs soar as a result of the Middle East conflicts.

During a Berlin press conference, she hoped that it will help bring down the global oil price as members of the International Energy Agency (IEA) were also struggling with rising prices. As requested by IEA to release oil reserves amounting to 400 million barrels, she told that Germany as a member state will comply with the request and make their contribution.

Oil prices surged more than five percent in early trading Wednesday. Meanwhile, Germany were planning to allow petrol stations only to increase their fuel prices once a day but price reductions are allowed at any time.