German Chancellor Gerhard Schroeder on Friday said Germany is ready to use its strategic oil reserves in the framework of an internationally coordinated action.

When the United States appeals to the International Energy Agency for such a move and if "there is a disruption of oil supply worldwide," it is obvious that some of the world oil reserves should be put to the market, Schroeder told reporters.

Schroeder said he hoped the move would cut soaring oil prices.

Earlier in the day, the government rejected opposition's proposal for using Germany's strategic oil reserves to cut soaring oil prices.

Germany's 90-day oil reserves can be mobilized only when a crisis of energy supply takes place, a government spokesman said.

German Chancellor candidate Angela Merkel suggested Germany should consider the use of strategic reserves Thursday when gasoline prices on German market hit record high of average 1.41 euros per liter.

The US government on Wednesday decided to release oil from its petroleum reserves to counter shortages after Hurricane Katrina.

Source: Xinhua