Its member countries International Energy Agency (ILO) conclude their special inter-ministerial meeting aimed at stabilizing oil markets in the aftermath of Russian invasion of Ukraineannounced on Friday (1/4) the Ministry of Industry of Japan.
“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, according to a statement quoted by Reuters. .
According to the same source, the Member States have agreed to proceed with coordinated release of oil from their strategic stocks.
The quantities and time of this release will be agreed within it next weekHindetsika Koizumi, director of the International Affairs Department of the Japanese Ministry of Economy, Trade and Industry, told reporters.
It is reminded that the US has already taken similar action.
Source: News Beast
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