Japanese Prime Minister Sanae Takaichi asked International Energy Agency head Fatih Birol to consider an additional coordinated release of some global oil reserves if Middle East tensions drag on.
Takaichi on Wednesday called for flexibility from Birol, who is in Japan as part of a regional trip to discuss the Iran war’s fallout.
The release of 400 million barrels of oil from the reserves of IEA member countries is only 20% of their stocks and a significant amount remains, Birol said.
“We are ready to move forward, but I very much hope that it will not be necessary,” he said, while recommending energy conservation steps including working from home.
Birol said dozens of energy installations have been damaged and will take time to come back online.
