Japan to make available 7.5 million barrels of oil from its emergency reserve

At the press conference, Minister Hagiuda said that they will act in line with the "emergency reserve" decision of the International Energy Agency (IEA).

Stating that he will open 7.5 million barrels of oil from his country's emergency reserve, Hagiuda stated that this rate is the second among IEA members after the USA.

Hagiuda said they will "continue to encourage oil-producing countries to increase their output."

According to the Ministry of Economy, Trade and Industry (METI), the 7.5 million barrels to be put into use correspond to approximately 4 days of domestic consumption in Japan.

The US announced that 30 million barrels of strategic oil reserves will be made available.

31 IEA member countries agreed to open 60 million barrels of oil within the scope of emergency reserves in order to ensure that there will be no shortage of supply in the global oil markets due to the Russia-Ukraine war.