“We are closely observing the situation and the oil supply in Germany is not affected at the moment,” an economy ministry spokeswoman said. “Based on the information we have and that which we have received from the Saudis, the refineries will only be shut for a few days or up to two weeks and we assume that it is not going to have a lasting effect on the global oil supply.”

She added: “A decision to release strategic oil reserves to remedy global supply disruptions must be made jointly with members of the IEA and at the moment there is no such consideration.”