G-7 Energy Ministers Voice Readiness to Release Oil Reserves

Tokyo, March 10 (Jiji Press)–Energy ministers from the Group of Seven major countries said in a joint statement on Tuesday that their countries are ready to take necessary measures, including releasing their oil reserves, in response to the deteriorating situation in the Middle East. The ministers adopted the statement at an online meeting on the day, amid rising crude oil prices and growing concerns over oil supplies. The previous day, G-7 finance ministers also met online and expressed similar readiness. Before attending Tuesday’s online meeting, Japanese industry minister Ryosei Akazawa told a press conference that a joint release of oil reserves by member countries of the International Energy Agency would be an “effective measure to stabilize the international market,” voicing Japan’s support for such a measure. Japan’s oil reserves in the public and private sectors totaled 254 days’ worth as of the end of last year. “We’ll do everything to ensure stable energy supplies while closely monitoring the situation in the Middle East and without excluding any options,” Akazawa said. Regarding the blockade of the Strait of Hormuz, Akazawa said that the number of oil tankers arriving in Japan may drop significantly in around 10 days, given that oil transportation from the Middle East takes around 20 days. END [Copyright The Jiji Press, Ltd.]