TOKYO (March 25): Japanese Prime Minister Sanae Takaichi asked International Energy Agency chief Fatih Birol for an additional coordinated release of oil stockpiles when they met on Wednesday, as Tokyo seeks to hedge against a prolonged Middle East conflict. After agreeing to release a record amount of oil stockpiles in coordination with the IEA to cover for the Middle East supply loss, Takaichi on Tuesday said Japan would also open up joint oil stockpiles co-owned by producing nations in the country. "In preparation for the possibility that the situation becomes prolonged, I asked that preparations be made for an additional coordinated release," Takaichi said in a social media post. The joint release of 400 million barrels, agreed upon on March 11, is only 20% of the oil and oil-product stocks held by consuming nations that the IEA is coordinating, Birol said in Tokyo on Wednesday. "If and when necessary, we are ready to move forward, but I very much hope that it will not be necessary," Birol said after meeting Takaichi.

Source: The Edge Markets March 25, 2026 08:56 UTC