Japan to release 15 million barrels of oil reserves to stabilize market

Kyodo News

Posted at Apr 07 2022 06:02 PM

TOKYO - 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 amid Russia's war in Ukraine, a source familiar with the matter said Thursday.

The release, tapping both private and state reserves, will be the largest such move by Japan.

The IEA, consisting of 31 members, including Japan and the United States, agreed at an extraordinary ministerial meeting earlier this month that the additional release was necessary to stabilize the global energy market.

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