Japan's Industry Minister Ryosuke Akazawa stated yesterday that Europe has reciprocated Japan's goodwill by agreeing last week to a joint release of oil stocks to alleviate supply crises and price hikes resulting from the war with Iran. The International Energy Agency (IEA) approved on Wednesday the release of 400 million barrels of oil from strategic reserves, an unprecedented level, in an attempt to calm crude oil prices after their sharp surge following the start of the American-Israeli war against Iran on February 28. Japan, a G7 member that relies on Middle Eastern oil for about 90% of its supplies, stated it plans to contribute by drawing approximately 80 million barrels from its private and national oil reserves, starting March 16. Speaking at the sidelines of the first Ministerial and Commercial Forum on Energy Security in the Indian and Pacific Ocean Regions in Tokyo, Akazawa said: 'Japan managed during last week's G7 and IEA meetings to change the minds of European leaders who were initially cautious about releasing oil from reserves due to their lower reliance on the Strait of Hormuz.' He stated: 'We recognize this as Europe's reciprocation for Japan's release of oil to help Europe during a difficult time amid the Ukraine crisis in 2022, referring to the oil price surge and supply crisis that followed the Russia-Ukraine war four years ago.' Since then, Japan has ceased purchasing oil from Russia and significantly increased its imports of U.S. liquefied natural gas, which now account for about 6% of Tokyo's total imports, and Japanese companies continue to boost their investments in the American energy sector. American energy and industry officials gathered in Tokyo for the first Ministerial and Commercial Forum on Energy Security in the Indian and Pacific Ocean Regions, a forum led by the U.S. President Donald Trump's Council on Energy Dominance to promote investments in Japan and Asia. U.S. Interior Secretary Doug Burgum said yesterday at the event's opening: 'The United States has the ability to ensure freedom of navigation and supply flow. We have successfully displaced two-thirds of Russian gas from Western Europe entirely.' He added: 'Whether it's a strait in the Middle East or control over supplies, supplies must be reliable, affordable, and secure, which means they must come from partners you trust who are capable of fulfilling their commitments.'
