Japan and Germany to Release Strategic Petroleum Reserves

Odaily News According to Japanese Prime Minister Sanae Takaichi, Japan will independently release strategic petroleum reserves to address the impact of the Middle East conflict. In a speech broadcast on NHK on Wednesday, Takaichi stated that the release could begin as early as March 16, involving an amount equivalent to 15 days' worth of private sector petroleum reserves and one month's worth of national petroleum reserves. This move coincides with the International Energy Agency's proposal to release emergency petroleum reserves, which could be the largest in the agency's history. A related decision may be made later on Wednesday. Additionally, Germany's Minister of Economic Affairs has indicated that Germany will release part of its national petroleum reserves, with specific details still to be finalized. (Jin10)