Japanese Prime Minister Sanae Takaichi has urged the International Energy Agency to prepare for an additional coordinated release of oil reserves should the ongoing Middle East conflict persist.
Speaking in Tokyo, IEA Executive Director Fatih Birol said the agency was “ready to move forward” with further releases if necessary, but expressed hope that such measures would not be required.
“Eighty percent of our stocks are still with us. These 400 million barrels released earlier this month represent only 20 percent of our total reserves. If and when necessary, we are ready to act,” Birol said.
Earlier this month, the IEA announced a historic release of 400 million barrels of oil from member countries’ reserves — the largest coordinated release in the agency’s history — aimed at mitigating disruptions caused by the conflict. Birol emphasized the agency’s role as a guardian of global energy security during such crises.
Japan’s Oil Imports and Emergency Measures
Japan relies on the Middle East for 95 percent of its oil imports. In response to rising global prices, the country began releasing 15 days’ worth of private-sector petroleum reserves last week and will start tapping government stockpiles on Thursday.
Additionally, Japan plans to draw from joint reserves held by Saudi Arabia, the United Arab Emirates, and Kuwait by the end of the month. While these reserves are normally commercially used, Japanese oil companies have preferential purchasing rights during emergencies, according to the Petroleum Association of Japan.
Vietnam Cuts Fuel Prices Amid Global Surge
Meanwhile, Vietnam adjusted fuel prices for a second time on Wednesday after diesel costs had more than doubled since the onset of the Middle East conflict. Diesel prices, which had soared roughly 105 percent since February 26, were reduced to just below double pre-war levels.
The cost of 95-octane petrol was also lowered, now about 49 percent higher than before the conflict.
Vietnam’s government has sought fuel support from countries including Qatar, Kuwait, Algeria, and Japan, and recently signed an oil and gas production deal with Russia.
The finance ministry has also proposed halving the environmental protection tax on gasoline and diesel to ease the burden on consumers.
Hanoi resident Nguyen Van Chi, a truck driver, said the fuel surge had forced him off the roads.
“With these unbelievable diesel prices, I cannot even operate my truck. People are avoiding using vehicles because fuel is too expensive,” the 54-year-old businessman told AFP.
The global spike in oil prices since the start of the Middle East conflict has heightened fears of shortages worldwide, prompting both emergency stock releases and government interventions in key oil-importing nations.
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