The International Energy Agency (IEA) reports that current exports of crude oil and refined products have dropped to under 10% of their levels before the war.
Austria’s Economy Minister, Wolfgang Hattmannsdorfer, announced that Austria is tapping into its emergency oil reserves and expanding its national strategic gas reserves. He emphasized, “In times of crisis, it’s crucial that no one profits at the expense of commuters and businesses.”
Meanwhile, the German government plans to implement a rule limiting gas stations to increasing fuel prices just once a day. Federal officials are eager to roll out this measure swiftly, according to Reiche.
In Austria, a new policy will take effect on Monday, restricting gas stations to only three price hikes per week, as stated by the country’s economy minister.
The IEA has previously tapped into emergency reserves on five occasions: during the Gulf War in 1990-1991, following Hurricane Katrina in 2005, amid the Libyan civil war in 2011, and twice since the Russian invasion of Ukraine.
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