Germany to Draw Up to 15 Million Barrels of Diesel, Heating Oil and Crude From Strategic Reserves

German Economy Minister Katherina Reiche told Reuters on Friday, October 9, 2026 (17 Mehr 1405) that Germany will draw up to 15 million barrels of diesel, heating oil and crude from strategic reserves, the largest share among European countries under the G7 members' agreement to ease fuel shortages and contain energy prices. She said diesel and heating oil would be drawn first and crude afterwards, and that available crude alone is not enough; the split and timing were not specified. Mehr News Agency carried the remarks citing Reuters.

International Energy Agency members agreed on Wednesday, October 7, 2026 (15 Mehr 1405) to speed up the planned draw of about 100 million barrels from strategic stocks, with priority for diesel. France announced the release of 10 million barrels of diesel the same day, and Italy said it had already met its 10 million barrel commitment. Germany's share of the 400 million barrel March agreement was 19.5 million barrels and France's was 14.6 million barrels. JPMorgan estimates Europe has still not drawn about 40 million barrels of the amount agreed in March. For Iran, continued strain on global fuel supply feeds through oil prices into export revenue and the currency and gold markets.