Collective Release of Petroleum Reserves by IEA Member Countries(Statement by Press Secretary ONO Hikariko)
The extraordinary meeting of the IEA Ministerial Governing Board held in Paris on March 1 agreed to a coordinated release of a total of 60 million barrels of oil reserves as the IEA in response to concerns of a supply shortage in the oil market following the recent Russian invasion of Ukraine. Based upon this agreement, Japan will promptly make concrete preparations for the release of oil, per the amount of each country's share, which will be determined hereafter.
This agreement is an expression of solidarity and determination by the IEA member countries amid the invasion of Ukraine and sends a strong message to the market that there will be no shortage in the global oil market. Japan welcomes the reaching of this agreement by all 31 member countries, including Japan.
The stability of the energy market, including the crude oil market, is crucial for the stability of the world economy and that of Japan. In order to continue to contribute to securing stable energy supplies by responding to the sharp rise in energy prices that has been continuing since last year and the risk of further instability in the energy market following the recent invasion of Ukraine by Russia, Japan will continue to contribute to securing stable energy supplies by encouraging oil-producing countries to increase crude oil production, and by utilizing relevant international organizations such as the IEA, as well as the frameworks of the G7 and G20. In addition, Japan will correspond actively in cooperation with the U.S. and other major oil-consuming countries.