Japan may release oil from its stockpiles for the first time since 2022, either in coordination with other countries or on its own, as the Strait of Hormuz remains effectively shut and the oil market is on edge.
¡°We confirmed that we are prepared to take necessary measures, including releasing stockpiles, to support global energy supply,¡± Minister of Economy, Trade and Industry Ryosei Akazawa told reporters on Tuesday night after an online meeting with energy ministers from the Group of Seven.
The G7 and the International Energy Agency held meetings two days in a row, and Finance Minister Satsuki Katayama attended one of the meetings on Monday.
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