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Japan to Tap State Oil Reserves as IEA Signals Readiness for More Releases

Tokyo aims to steady fuel costs to blunt the Middle East war’s shock.

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.