Germany to release oil reserves in global push to tackle Iran war energy price surge

BERLIN, March 11 (Reuters) - Germany will release part of its oil reserves after the International Energy Agency recommended the release of 400 million barrels of oil from stockpiles, the largest such move in IEA history, Germany's Economy Minister Katherina Reiche said on Wednesday.

Speaking to reporters in Berlin, Reiche also confirmed the government plans to limit petrol price increases at filling stations to once a day and to introduce more stringent antitrust regulation of the sector.

She did not give an exact timing for those measures, but added that the United States and Japan would be the largest contributors to the release of the oil reserves.

"The situation regarding oil supplies is tense, as the Strait of Hormuz is currently virtually impassable," Reiche said.

"We will comply with this request and contribute our share, because Germany stands behind the IEA's most important principle: mutual solidarity," Reiche said about the IEA's request.

According to a statement by Reiche's ministry, Germany will contribute 2.64 million tons of oil. This corresponds to 19.51 million barrels.

Reiche stressed there was no supply shortage in Germany. Germany has a legally mandated reserve of oil and oil products intended to cover 90 days' demand.

The IEA's move comes as countries are grappling with soaring crude prices amid the U.S.-Israeli war with Iran.