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Minister of Foreign Affairs of Japan Toshimitsu Motegi on Wednesday welcomed the decision made by the International Energy Agency (IEA) to implement a collective release totaling 400 million barrels of oil by the member countries, a statement by Japan's Foreign Minister said.
The decision has been taken to address the deterioration in crude oil market conditions resulting from curtailment of crude oil production and exports in the Middle East. This collective release demonstrates the determination of the IEA member countries to act in solidarity to ensure a stable supply of energy, which underpins people's daily lives, and to stabilize the market, as per the statement. Ensuring the stable supply of energy, such as the crude oil market, and market stability is of utmost importance for the stability of the global economy, as well as Japan's economy and Japanese daily lives, the statement said. Japan will continue all diplomatic efforts toward the early de-escalation of the situation in the Middle East, while also continuing to respond in a timely manner to secure a stable energy supply for the world and Japan, in cooperation with relevant international organizations such as the IEA, as well as major consumer and oil-producing countries, as per the statement. The International Energy Agency (IEA) on Wednesday announced the largest-ever release of emergency oil stocks in its history, making 400 million barrels of oil available to global markets to mitigate disruptions caused in the global energy supply by the ongoing West Asia conflict. In a video statement, IEA Executive Director Fatih Birol highlighted that the conflict has severely impacted global oil and gas markets, particularly through the Strait of Hormuz, and the decision was taken "to offset the supply lost through the effective closure of the Strait." He emphasised that the resumption of oil and gas transit through the Strait of Hormuz remains critical for long-term stability. "IEA countries will be making 400 million barrels of oil available. I repeat, 400 million barrels of oil available to the market to offset the supply lost through the effective closure of the Strait. This is a major action aiming to alleviate the immediate impacts of the disruption in markets. But, to be clear, the most important thing for a return to stable flows of oil and gas is the resumption of transit through the Strait of Hormuz," Birol said. (ANI)
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