Japan will react appropriately to the release of strategic oil reserves, while closely monitoring global developments, as the Minister of Industry said today, before the conference of the member states of the International Energy Agency (IEA) scheduled for later today.
US President Joe Biden announced yesterday the largest release of oil from US strategic reserves, prompting oil companies to increase their drilling volumes in a bid to reduce gasoline prices, which have risen during the war in Ukraine.
“It is not clear whether the release of the oil will be done only by the United States or whether Washington will make a proposal at the IEA conference,” said Japanese Industry Minister Koichi Hagiuda during a press conference.
“In any case, we would like to act accordingly, while monitoring the international situation,” he explained.
SOURCE: ΑΠΕ-ΜΠΕ
Source: Capital
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