Collective Release of Petroleum Reserves by IEA Member Countries (Statement by Press Secretary ONO Hikariko)
On April 8 (Japan time), the International Energy Agency (IEA) announced its decision to conduct an additional collective release of 120 million barrels of petroleum reserves by the IEA member countries in response to the current global oil supply and oil market situation following Russia's aggression against Ukraine.
This collective release is the second such release by the IEA in response to the situation in Ukraine, following the collective release in March. This measure is an expression of solidarity and determination by the IEA member countries and sends a strong message to the market. Japan welcomes the significant agreement reached by the IEA member countries to double the amount of the previous collective release of petroleum reserves.
Japan will promptly make concrete preparations to release approximately 15 million barrels over the next six months to ensure that this collective release will be effective. The amount will be the second-largest amount after the amount of the U.S. (approximately 60 million barrels).
The stability of the energy market, including the crude oil market, is crucial for the stability of the world economy and that of Japan. Japan will continue to correspond actively to securing stable global energy supplies and that of Japan 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 cooperation with the U.S. and other major oil-consuming countries.