TOKYO: Japan will release 7.5 million barrels out of its private-sector oil reserves, in concerted action with other nations under an international accord for stable crude oil supplies amid Russia’s continued invasion of Ukraine, industry minister Koichi Hagiuda said Friday.

At a ministerial meeting Tuesday, International Energy Agency member countries agreed to release a total of 60 million barrels of oil from their reserves. Half of the amount will be released by the United States and the other half by other IEA members.

Hagiuda also told a press conference that the Sakhalin-1 oil and gas development program in Russia’s Far East is “crucial for our country’s stable energy supply.” A Japanese public-private joint venture has a stake in the project.

U.S. oil major Exxon Mobil Corp. has decided to pull out of the Sakhalin-1 project following Russia’s military aggression against Ukraine. Hagiuda said that parties concerned will collect information about the move by the U.S. firm and “closely examine” a possible impact of the development.

JIJI Press