Germany Has No Plans to Sell More Oil

Source: Bloomberg, Rachel Graham (7/18/11)

"Germany is one of 12 countries that made oil stockpiles available in the IEA program."

Bloomberg, Rachel Graham

Germany, having sold about 63% of its allocation of fuel reserves in an International Energy Agency stock-release initiative, isn't planning to offer any more oil to the market, the nation's stockpiles agency said.

The country's Economy Ministry doesn't view as necessary the release of the remaining 37%, according to a statement dated July 15 on the website of the Erdoelbevorratungsverband, manager of the country's stockpiles. The German market is well supplied, the agency said.

Germany is one of 12 countries that made oil stockpiles available in the IEA program that was announced on June 23. The nation was allocated 4.2 million barrels out of a total 60 million barrels.

No one from the German Economy Ministry was available to comment when Bloomberg News called an office number in Berlin three times today and three times on July 15.

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