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Germany and Austria join IEA-led release of 400M barrels from reserves to stabilize oil markets amid Middle East conflict.
Germany and Austria will release oil from their strategic reserves in response to an IEA call for a 400 million barrel collective release, the largest in history, to stabilize global energy markets amid soaring prices caused by Middle East conflict.
The move follows Iran’s disruptions to shipping through the Strait of Hormuz, reducing regional oil exports to under 10% of pre-war levels.
Japan also pledged a reserve release.
The coordinated action, supported by G7 energy ministers, aims to counter supply disruptions and prevent further price spikes, with deliveries expected within days.
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Alemania y Austria se unen a la liberación de 400 millones de barriles de reservas liderada por la AIE para estabilizar los mercados petroleros en medio del conflicto de Oriente Medio.