As crude oil prices rise further due to Russia's military invasion of Ukraine, the Japanese government has revealed its intention to actively participate if the IEA = International Energy Agency calls for the release of oil reserves. I made it.
Due to Russia's military invasion of Ukraine, the WTI futures price, which is an international indicator of crude oil trading, temporarily exceeded $ 100 a barrel for the first time in 7 years and 7 months in the New York crude oil market on the 24th.
Under these circumstances, the Ministry of Foreign Affairs explained Japan's response to stabilize the energy market on the 24th.
In this, when the IEA = International Energy Agency called on member countries to cooperate and release oil reserves, Japan announced its intention to actively participate.
At this point, the IEA has not called for it, and the Japanese side has not made any proposals.
The IEA is an international organization aimed at ensuring energy security.
It obliges member countries to stockpile oil, and has a role to lead the release of stockpiling when there is a risk that supply and demand will be tight worldwide due to conflicts and disasters.
So far, the IEA has led the coordinated release of oil stocks three times in the past, including when the situation in Libya, an oil-producing country, was disrupted in 2011.