RIYADH: Germany, Japan and Austria will release part of their 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 confirmed on Wednesday her government plans to limit petrol price increases at filling stations to once a day and to introduce more stringent antitrust regulation of the sector.

US among three countries so far backing measure triggered by Middle East war, according to reports

A near 14% jump in oil prices due to the Iran war triggered an emergency meeting of the G7 with plans to release strategic reserves top of the agenda.