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Germany Taps Oil Reserves Amid Soaring Prices and Economic Warnings

3/13/2026

Summary

Story summary

Germany partially releases its national oil reserves, authorizing a 19.5 million-barrel draw, according to Economy Minister Katherina Reiche.
The move follows discussions with G7 nations and the International Energy Agency (IEA).
Oil prices have risen about 30% due to the Iran conflict.
The government plans to cap daily fuel price hikes at stations.
Economists warn that prolonged high oil prices could hurt Germany's economy, especially energy-intensive industries.

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Story summary

Germany partially releases its national oil reserves, authorizing a 19.5 million-barrel draw, according to Economy Minister Katherina Reiche.
The move follows discussions with G7 nations and the International Energy Agency (IEA).
Oil prices have risen about 30% due to the Iran conflict.
The government plans to cap daily fuel price hikes at stations.
Economists warn that prolonged high oil prices could hurt Germany's economy, especially energy-intensive industries.