Japan PM asks IEA for more oil releases due to conflict

Japan's Prime Minister Sanae Takaichi has requested that the International Energy Agency (IEA) prepare for a further coordinated release of oil stockpiles. The appeal was made during a meeting with IEA Executive Director Fatih Birol in Tokyo on Wednesday, as the nation seeks to protect its economy against a potentially prolonged conflict in the Middle East. This request follows a previous agreement to release record volumes of oil to offset supply losses. Takaichi noted on Tuesday that the government would also consider opening joint oil stockpiles co-owned by producing nations located within the country. The ongoing war involving Iran has significantly disrupted energy flows, prompting high-level consultations among global energy leaders. > In preparation for the possibility that the situation becomes prolonged, I asked that preparations be made for an additional coordinated release. Earlier this week in Australia, Birol confirmed that the IEA is in talks with various governments across Asia and Europe regarding the potential for further reserve releases. While a joint release of 400 million barrels was agreed upon on March 11, Birol highlighted that this amount represents only 20% of the total stocks held by consuming nations under IEA coordination. The IEA remains prepared to act if market stability requires further intervention, though officials expressed hope that such measures would not be necessary. > If and when necessary, we are ready to move forward, but I very much hope that it will not be necessary. The impact of the regional conflict is already being felt in the shipping industry. Hitoshi Nagasawa, chairman of the Japan Shipowners Association and head of Nippon Yusen Kabushiki Kaisha, reported that 45 vessels remain stranded in the Gulf due to the closure of the Strait of Hormuz. The company, also known as NYK Group, is one of the world's largest shipping firms and continues to monitor the situation as logistics remain stalled.