Japan will support the International Energy Agency's joint release of oil reserves to address concerns over Iran war

LootboxPhobia · 2026-03-10T12:46:52+00:00

Japan plans to coordinate with International Energy Agency members to release oil reserves in response to the economic threats caused by the Iran war, which could trigger rising energy import costs and a decline in global demand. Trade Minister Akazawa Ryohei emphasized that this move will help stabilize the international market and that related issues will be discussed at the meeting.

LootboxPhobia

2026-03-10 12:46:52

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Investing.com – Japan plans to support the International Energy Agency member countries in coordinating the release of oil reserves, as the Iran war threat endangers the country’s economy, potentially leading to higher energy import costs and reduced global demand.

Trade Minister Akazawa Ryohei said Tuesday evening in Tokyo that such a reserve release “is an effective means to stabilize the international market.”

Akazawa Ryohei, responsible for overseeing energy policy, stated that he will participate in an online meeting with G7 colleagues Tuesday evening. He added that the discussion might include issues related to the IEA coordinating the release of oil reserves.

The minister warned that Japan’s economy could face significant impacts depending on how the situation develops. He pointed out that domestic concerns are increasing, and authorities are closely monitoring the situation.

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