Business

Japan to release 7.5 million barrels of oil from reserves, says Industry Minister – SABC News

Japan will release 7.5 million barrels of oil from its private reserves as part of the International Atomic Energy Agency’s (IEA) coordinated release, Koichi Hagiuda, the country’s Minister of Industry, said on Friday.

The United States and other IEA members agreed on Tuesday to release a total of 60 million barrels of oil supplies to compensate for the disruption of supplies following Russia’s invasion of Ukraine.

Japan is gathering information on Exxon Mobil Corp’s recent announcement to suspend the Sakhalin-1 oil and gas project, in which a Japanese conglomerate owns a 30% stake to assess the impact on the country’s energy supply.

“As global supply and demand for crude oil is becoming volatile, Sakhalin-1 is an important project for Japan, which imports about 90% of its crude oil from the Middle East in terms of stable energy supply,” said Hagiuda.

“In the face of tougher international sanctions against Russia, we will take appropriate action in accordance with the G7, treating the steady supply of energy and energy security as a national interest that should be protected as much as possible,” he said.

Exxon said earlier this week that it would suspend Russian oil and gas operations, including operating large oil and gas refineries on Sakhalin Island in Russia’s eastern suburbs following Moscow’s invasion of Ukraine.

Japan to release 7.5 million barrels of oil from reserves, says Industry Minister – SABC News

Source link Japan to release 7.5 million barrels of oil from reserves, says Industry Minister – SABC News

Back to top button