Overview
- Japan said it will release crude from government stockpiles to keep the country supplied.
- The government will also draw oil from a joint storage site in Japan with Saudi Arabia, the United Arab Emirates and Kuwait.
- IEA chief Fatih Birol said the agency is ready for a new coordinated release after a request from Japan.
- IEA members already agreed earlier this month to release 400 million barrels, and Birol said about 80% of stocks remain.
- Japan began taking oil from private reserves last week and relies on the Middle East for about 95% of its imports.