Japan’s Ministry of Industry announced today that it will release 6 million barrels of oil from the country’s refinery reserves as part of a coordinated effort by the International Energy Agency (IEA) member countries to deflate rising global pressures.
Japan will release 6 million barrels – the equivalent of about three days of domestic consumption – as it allows domestic refineries to reduce their required reserves by three days to 63 days of domestic consumption, according to Reuters.
Earlier this month, Japan announced it would release a record 15 million barrels from national reserves as part of the IEA strategy.
The IEA countries agreed to release a total of 60 million barrels of oil, in addition to the 180 million announced by Washington at the end of March, in order to alleviate the upward pressure on world markets after the Russian invasion of Ukraine.
Source: Capital
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