Prime Minister Kishida: Japan To Release 15 Mil. Barrels Of Crude Oil Reserves
The Japanese government has decided to release an additional 15 million barrels of oil from its reserves in cooperation with members of the International Energy Agency. It will be done to stabilize the global energy market.
Japan's Prime Minister Kishida Fumio told reporters on Thursday the oil will be released from the national and private-sector reserves.
Kishida explained that an IEA ministerial meeting last week decided to tap 120 million barrels of oil. He said the 15 million barrels is 1.5-times the amount allotted for Japan by the IEA and the second largest after the 60 million barrels from the United States.
The release from the national reserve will be the first time since Japan introduced the scheme in 1978.
Stressing the importance of stabilizing the energy market, the prime minister said Japan will continue doing everything it can while calling on oil producing nations to cooperate.
The latest move is the second coordinated efforts by the IEA. In March, the international agency decided to tap 60 million barrels of oil, with Japan releasing 7.5 million barrels.
The IEA predicts Russian oil supplies will decline after severe economic sanctions had been imposed on Russia for its invasion of Ukraine. The agency hopes that the additional release will help stabilize oil supply and curb soaring prices.