Japan to Release Oil Reserves as Early as Monday, says Takaichi

Japan will release oil reserves as early as Monday to ease pressure on the prices of gasoline and other energy, Prime Minister Sanae Takaichi said as the Middle East war sparked supply worries. 

"Without waiting for a formal decision on coordinated international stock releases with the IEA, Japan has decided to take the lead in easing supply and demand in the international energy market by releasing strategic reserves as early as



the 16th of this month," Takaichi told reporters Wednesday.

Japan has been working with other nations, including the Group of Seven major economies and members of the International Energy Agency (IEA), on a possible coordinated release of oil to offset rising crude prices due to the Middle East conflict. But Takaichi said Tokyo needed to act quickly to minimise the impact of the international energy crisis on its economy.