Europe backs oil release in return for Japan favor
Japan says Europe backed a global oil release to repay past aid. The IEA will release 400 million barrels to stabilize prices during the conflict with Iran.
Japan’s Industry Minister Ryosei Akazawa stated on Saturday that European nations have reciprocated a previous diplomatic favor by joining a coordinated release of strategic oil reserves. This international effort is designed to mitigate supply shocks and price volatility triggered by the ongoing conflict involving Iran.
The International Energy Agency (IEA) reached an agreement this week to release a record 400 million barrels of oil from global stockpiles. This decision follows a surge in crude prices since the outbreak of hostilities between the U.S., Israel, and Iran on February 28. Japan, a G7 member that imports approximately 90% of its oil from the Middle East, has committed to releasing 80 million barrels from its national and private reserves beginning March 16.
