The member states of the International Energy Agency (IEA) have completed an emergency inter-ministerial meeting aimed at stabilizing oil markets in the wake of Russia’s invasion of Ukraine, the Japanese Ministry of Industry has announced.
“Minister Koichi Hagiyuda attended the ILO emergency meeting at which member states discussed additional, coordinated action on oil reserves” to address the current situation in the energy sector.
The member states agreed to proceed with a coordinated release of oil from their strategic reserves, the statement said. The quantities and timing of this release will be agreed within the next week, Hindetsika Koizumi, director of the International Affairs Department of the Japanese Ministry of Economy, Trade and Industry, told reporters.
Source: Capital
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