Germany and G7 Pledge 100 Million Barrels of Reserves Amid JPMorgan Skepticism

Germany will release up to 15 million barrels of oil and refined products as part of a coordinated 100 million-barrel Group of Seven release targeting crude and diesel tightness. The move follows U.S. pressure over potential export restrictions. Germany plans to prioritize diesel and heating oil before crude. However, JPMorgan reported that the 100 million-barrel plan largely repackages previous International Energy Agency commitments from March, where 321 million of 412 million barrels were already delivered. Global oil inventories are projected to slide to decade lows of 7.8 billion barrels by January.