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Japan plans to release about 16 million barrels of oil reserves, while the international community seeks to stabilize the market following Russia’s invasion of Ukraine.
“The stabilization of the energy market is very important and while we will continue to call on the oil producing countries for their cooperation, Japan will immediately do what it can,” he said.“Japanese Prime Minister Fumio Kishida told reporters.
Joe Biden, the US president, announced last week that the US would release one million barrels per day of crude oil for six months from the Strategic Petroleum Reserve, which is also the largest market release in US history.
In the UK, fuel prices have reached record levels amid market volatility accompanied by Vladimir Putin’s incursion into Ukraine.
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