Japan to release 7.5 mil. barrels of reserve oil amid Ukraine crisis

Published by
Kyodo News

Japan will release 7.5 million barrels of oil from its emergency reserves as part of concerted action by International Energy Agency members to stabilize oil markets following Russia’s invasion of Ukraine, industry minister Koichi Hagiuda said Friday. With 60 million barrels in total to be released jointly by the 31 IEA members, Japan ranks second in share after the United States, which will release 30 million barrels, Hagiuda told a press conference. The IEA accord reached Tuesday is meant to prevent the attack on Ukraine by Russia, one of the world’s major oil producers and largest exporter,…

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