Japan to release 15 million barrels of oil reserves to stabilize market | ABS-CBN
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Japan to release 15 million barrels of oil reserves to stabilize market
Japan to release 15 million barrels of oil reserves to stabilize market
Kyodo News
Published Apr 07, 2022 06:02 PM PHT
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.
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 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.
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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