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Akbar Novruz

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Germany will release part of its oil reserves as part of an internationally coordinated effort to mitigate price increases on international markets stemming from the Iran war, Economy Minister Katherina Reiche told reporters on Wednesday, AzerNEWS reports.

"The International Energy Agency yesterday evening asked its member states to release oil reserves of 400 million barrels. We will accede to this request and make our contribution," Reiche said in Berlin.

Earlier, Japanese Prime Minister Sanae Takaichi said that her country would release oil reserves as early as next week to ease pressure on the prices of petrol and other energy sources. Spain approved the move as well.

Earlier Monday, French President Emmanuel Macron, whose country holds the rotating presidency of the Group of Seven advanced economies, said the G7 would this week discuss a possible release of strategic oil reserves.

A possible meeting of G7 leaders on the energy issue could take place this week, Macron told journalists on his way to Cyprus.

However, speaking to reporters after chairing a video meeting of G7 finance ministers, French Finance Minister Roland Lescure said the group was "not there yet".

Asked if they had agreed on releasing stockpiles to lower prices, Lescure said from Brussels: "What we've agreed upon is to use any necessary tools, if need be, to stabilise the market, including the potential release of necessary stockpiles."

Such a measure can only be effective if it is implemented in a "coordinated" manner, Lescure added.

The war triggered by US-Israeli strikes on Iran is fuelling fears for the global economy, with global stock markets sinking and oil rocketing above $100 a barrel for the first time since Russia's invasion of Ukraine in 2022.