JAPANESE Prime Minister Sanae Takaichi on Wednesday expressed her support for the International Energy Agency’s additional joint release of oil reserves to address disruptions in energy markets stemming from the US-Israeli conflict with Iran.
During their meeting in Tokyo, Takaichi asked IEA Executive Director Fatih Birol to “prepare, if possible, for an additional coordinated release” of oil stockpiles by the 32 member nations of the Paris-based body “in case the situation is prolonged”.
A stable energy supply is vital for Japan, which sources nearly all crude oil from overseas and relies on the Middle East for over 90 per cent of its crude oil imports.
Since war broke out with the United States and Israel late last month, Iran has effectively blocked the Strait of Hormuz, a critical global maritime artery through which about 20 per cent of the global oil supply is transported, fuelling supply concerns and triggering a surge in crude oil prices.
Earlier this month, IEA member countries began releasing strategic oil reserves totalling over 400 million barrels, the first such coordinated move since 2022. — Kyodo
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