Japan and Germany on Wednesday said that they will tap into a part of their oil reserves amid fuel supply disruption and rising global oil prices triggered by the conflict in West Asia.
A country’s strategic oil reserve is a stockpile of crude oil controlled by the government to be used in emergencies such as major supply disruptions, conflicts or sudden increase in fuel prices. Tapping into the reserve is rare.
Japanese Prime Minister Takaichi Sanae told reporters that Tokyo will unilaterally release stockpiled oil as early as Monday, state-run news channel NHK World reported.
Germany will also release part of its oil reserve, the country’s Energy Minister Katherina Reiche told reporters.
The measure should help lower global oil prices, AFP quoted Reiche as saying.
Fellow members of the International Energy Agency were also struggling with rising prices, she was quoted as saying.
“The International Energy Agency therefore asked its member states yesterday evening to release oil reserves amounting to 400 million barrels,” Reiche told reporters.
Berlin was releasing its reserves to comply with the international agency’s request, she added.
Additionally, petrol stations in Germany will be able to raise prices only once per day, Reiche said. “But price reductions are allowed at any time,” she added.
The International Energy Agency is likely to authorise its largest-ever release of emergency oil reserves,...
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