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, Japanese industry minister Ryosei Akazawa said after the meeting. The previous day, G-7 finance ministers also met online and expressed similar readiness. The International Energy Agency emphasized the need for a coordinated release during Tuesday’s meeting, according to Akazawa. While expressing Japan’s support for oil reserve releases, he also said that the blockage of the Strait of Hormuz, a key maritime transportation route, has already impacted Asia, and that concerns are growing in Japan. “It is a great achievement that (the G-7) was able to show a coordinated response to stabilize the market,” Akazawa told reporters. He also said that the number of oil tankers arriving in Japan may drop significantly in about 10 days, given that oil transportation from the Middle East takes around 20 days. Japan’s oil reserves in the public and private sectors totaled 254 days’ worth as of the end of last year. END [Copyright The Jiji Press, Ltd.]