Japan requests additional coordinated oil stockpile release amid Middle East tensions
Japanese Prime Minister Sanae Takaichi met with International Energy Agency (IEA) Executive Director Fatih Birol on Wednesday to request an additional coordinated release of oil stockpiles. The move aims to safeguard Japan against potential disruptions from the ongoing Middle East conflict.
Japan had already agreed to release a record amount of stockpiled oil in coordination with the IEA following supply losses from the region. Takaichi also announced plans to open joint oil reserves co-owned by producing nations within Japan.
Birol noted that the IEA is consulting with governments across Asia and Europe on the possibility of releasing additional stockpiles if necessary. The previously agreed release on March 11 involved 400 million barrels, representing only 20% of the total oil and oil-product reserves held by consuming nations under IEA coordination.
“In preparation for a prolonged situation, I requested that plans be made for an additional coordinated release,” Takaichi said in a social media post. “We will continue to work closely with the IEA.”
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