Germany Opens Tender to Sell Strategic Oil Stocks in Bid to Calm Markets

Germany has launched a tender to sell diesel, heating oil and crude oil from its strategic reserves, moving to release emergency supplies in an effort to calm markets.

The sale marks Germany’s first drawdown since the Group of Seven agreed to inject 100 million barrels from emergency stockpiles into the market.

The German tender covers both crude oil and refined fuels. Diesel and heating oil can be used directly, while crude oil must be processed by refineries before reaching consumers as fuel.

Germany’s release forms part of the wider effort to make emergency stocks available and ease pressure on energy markets. The volume offered through the German tender and the timing of deliveries were not specified.