Japan to release 15 mil. barrels of oil reserves in IEA efforts

Baku, April 7, AZERTAC

Japan will release an additional 15 million barrels of oil reserves in a coordinated effort by members of the International Energy Agency to stabilize the market, the government said Thursday, according to Kyodo News.

The release, tapping both private and state reserves, will be one of the largest by the country. The IEA, consisting of 31 members, is moving ahead with a collective oil stock release of 120 million barrels, led by the United States.

Prime Minister Fumio Kishida said Japan's contribution is the second largest after 60 million barrels from the United States.

The IEA agreed at an extraordinary ministerial meeting earlier this month that the additional release was necessary to stabilize the global energy market.

IEA Executive Director Fatih Birol tweeted Wednesday that the joint release includes 60 million barrels contributed by the United States as part of its overall draw from its Strategic Petroleum Reserve and that more details of specific contributions from member countries would be announced soon.

© Content from this site must be hyperlinked when used.
Report a mistake by marking it and pressing ctrl + enter


Fields with * are required.

Please enter the letters as they are shown in the image above.
Letters are not case-sensitive.