Japan to release 7.5M barrels of reserve oil amid Ukraine crisis

Japan will release 7.5 million barrels of oil from its emergency reserves as part of concerted action by International Energy Agency members to stabilize oil markets, Industry Minister Koichi Hagiuda said March 4, Report informs referring to Kyodo News.

With 60 million barrels in total to be released jointly by the 31 IEA members, Japan ranks second in share after the US, which will release 30 million barrels, Hagiuda told a press conference.

The 7.5 million barrels to be released by Japan corresponds to about four days of domestic consumption, with the government set to reduce mandatory private-sector oil reserves to 66 days' worth from the current 70 days' worth for a month, according to the industry ministry.

"We will continue to encourage oil-producing nations to increase their output," Hagiuda said.