Japan asks IEA to prepare for possible additional oil stock release
The Facts
- Japanese Prime Minister Sanae Takaichi asked IEA Executive Director Fatih Birol to prepare for an additional coordinated release of oil stockpiles if the situation in the Middle East drags on.
- Birol said the IEA was ready to move forward with another release of oil reserves if necessary.
- The IEA has already coordinated a 400 million-barrel release of oil from member-country reserves to help ease the impact of the Middle East war.
- Several sources said the 400 million-barrel release was described as the largest such operation in the IEA's history.
- Birol said the IEA still has a significant amount of oil in its stocks, with about 80% remaining.
- The meeting in Tokyo focused on energy security and the effects of the Middle East war on global oil supplies and prices.
Context
Why is Japan pushing for another oil release?
The sources say Japan is trying to hedge against a prolonged Middle East conflict that could keep disrupting oil flows and raising prices, especially for import-dependent Asian economies U.S. News & World R…,毎日新聞,CNA,RFI.
Has the IEA already released oil from reserves?
Yes. The IEA has already coordinated a 400 million-barrel release from member-country reserves, which multiple sources describe as the largest such release ever or in the agency's history Anadolu Ajansı,Jordan News | Lates…,France 24,IEA.
Does the IEA say it has enough reserves left to act again?
Birol said the agency still has a significant amount of oil in its stocks and that about 80% remains available, which is why he said the IEA could move forward again if needed Jordan News | Lates…,Daily Mail,Times of Israel,S A N A.
The receipts — all 43 sources
Wire services (3)
Independent coverage (40)
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