Takaichi Asks IEA for Additional Oil Reserve Releases

Tokyo, March 25 (Jiji Press)–Japanese Prime Minister Sanae Takaichi on Wednesday asked the International Energy Agency to make preparations for additional coordinated releases of oil reserves to deal with soaring crude oil prices. Takaichi made the request to IEA Executive Director Fatih Birol in their meeting at the prime minister’s office in Tokyo, with the aim of stabilizing energy supplies and prices as Iran’s effective blockade of the Strait of Hormuz, a key oil transport chokepoint, continues amid its conflict with the U.S.-Israeli side. The Japanese leader’s call for the additional measure came after all 32 member countries of the IEA agreed earlier this month on the coordinated release of a record 400 million barrels of oil reserves. The release of the oil has already started. “Asian countries are struggling significantly,” Takaichi told Birol, calling on the IEA to take account of the region’s energy security. “I want to request (the IEA) to start preparations for additional coordinated releases in case (the Middle East crisis) drags on.” Birol responded that the world is in a difficult situation and faces a grave threat to energy security, adding that it is possible for the IEA to consider additional joint releases of oil reserves if necessary to help stabilize energy markets. With the IEA aiming to diversity supply chains for critical minerals, Takaichi expressed hope for the role the organization will play over the issue. Takaichi and Birol affirmed close cooperation between Japan and the IEA. END [Copyright The Jiji Press, Ltd.]