Japan and Germany to Release Oil From Strategic Reserves

Japanese and German officials announced plans to release oil from their strategic reserves to address disruptions to supplies from the Middle East. Prime Minister Sanae Takaichi said Japan would begin releasing oil as early as next Monday. Less than an hour later, Germany’s economy minister, Katherina Reiche, said her country would also release oil, and Austria’s economy minister, Wolfgang Hattmannsdorfer, said Austria would release reserves as well.

International oil prices surged to nearly $120 a barrel on Monday after much of the flow of crude oil and natural gas through the Strait of Hormuz effectively halted. Prices have since fallen but remain high at around $91 a barrel, up from less than $73 a barrel before the United States and Israel began attacking Iran on Feb.

28. The announcements came ahead of a meeting of world leaders on energy to be hosted by President Emanuel Macron later Wednesday.

japan, germany, strategic reserves, oil release, middle east, oil prices, emmanuel macron, iran, austria, sanae takaichi