Germany plans to release part of its national oil reserves.

Germany's Minister of Economics Katherina Reiche stated that if the proposal from the International Energy Agency is accepted, Germany is expected to release part of its national oil reserves. "The International Energy Agency requested member countries to release 400 million barrels of oil reserves last night. We will accept this request and make a contribution," Reiche said on Wednesday. She added that Germany's energy supply is secure, but they are currently observing significant price increases.