Japan has decided to sell 7.5 million barrels of oil from its reserves, Economy, Industry and Trade Minister Koichi Hagiuda said March 3.
This will happen after the decision of the International Energy Agency (IEA) to coordinate the release of oil reserves.
“Following the United States, we decided to release 7.5 million barrels and continue negotiations with oil-producing countries to increase production,” the agency quotes him as saying. Kyodo.
As clarified by the agency, the mandatory reserve of fuel reserves will be reduced from the current 70 days to 66.
On March 2, US President Joe Biden decided to release 30 million barrels of oil from US strategic reserves in order to eliminate the shortage of fuel in the European market. At the same time, the Ministry of Energy stated that investments in clean energy are the best way to “reduce domestic and international dependence on Russian oil and gas.”
It is noted that in total the United States and 30 other countries agreed to release a total of 60 million barrels of oil.
At the same time, New Zealand joined the collective efforts of the members of the International Energy Agency (IEA) to stabilize world prices in the fuel market. The Ministry of Energy and Natural Resources announced that the country will sell part of the oil from its strategic reserve.
Later on Thursday, it was reported that senators from both houses of the US Congress introduced a bill to ban energy imports from Russia. The bill also involves declaring a state of emergency in the United States. In this case, US President Joe Biden should announce a complete ban on the import of crude oil, petroleum products, LNG and coal from Russia.
On the same day, it was reported that the United States intends to reduce the consumption of Russian oil in such a way that this does not affect the world’s energy supplies.
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