Germany releases oil reserves to lower prices

BERLIN, Sept. 8 (Xinhua) -- Germany joined some other nations in selling a small fraction of its emergency oil reserves to contain rising prices, German media reported Thursday.

The sale of oil, which Germany and 26 other International Energy Agency (IEA) nations agreed to release earlier this week, began in Rotterdam, the Netherlands, on Wednesday, Deutsche Welle reported.

Germany's decision to join the international action in putting emergency reserves for sale was not only out of solidarity with the hurricane-ravaged United States, but also a necessary bid to contain rocketing oil prices after Katrina hit the US Gulf Coast late last month, German Chancellor Gerhard Schroeder was quoted as saying.

He said this would create a sufficient energy supply on the market to help relieve the pressure on oil prices.

The IEA plans to sell 2 million barrels of oil a day for the next month. But some experts doubt whether the move could really lower the prices as impulse buying might push them to rise.