PARIS: Member countries of the International Energy Agency agreed on their additional coordinated oil release at an emergency ministerial meeting Friday.

The move comes in response to soaring energy prices following Russia’s invasion of Ukraine. Through the additional oil release, the IEA, made up of major oil consumers including Japan, the United States and European countries, hopes to ease worries about tight global oil markets and curb the rises of crude oil prices.

Japanese Minister of Economy, Trade and Industry HAGIUDA Koichi attended the meeting virtually.

According to a senior official of the Japanese industry ministry, the United States proposed the additional release of oil reserves at the meeting. Participants discussed the proposal and came to an accord on the coordinated release, but failed to agree on the size and timing of the release, as well as the commitments of each country, the official said.

The ministers agreed that the secretariat of the IEA will continue to discuss details of the release with each member state, according to the official.

Once the volumes are decided, the Japanese government will join the coordinated action.

On March 1, IEA member countries agreed to release a total of 60 million barrels of oil from their reserves. The amount covered by Japan stood at 7.5 million barrels.

JIJI Press