Japan backs coordinated oil release amid global supply concerns

Japan has expressed support for the International Energy Agency’s (IEA) proposal to coordinate the release of strategic oil reserves, according to Industry Minister Ryosei Akazawa.

Details of any potential release are still under discussion, Caliber.Az reports via foreign media. 

Akazawa noted that energy ministers from the G7 are scheduled to meet later on March 10 to discuss the plan.

He described the release of strategic reserves as an effective tool to stabilise global oil markets amid disruptions caused by the ongoing conflict in Iran.

By Sabina Mammadli