Japan To Make Biggest Oil Reserve Release To Stabilize Global Market
JAPAN – The Japanese government is set to release 15 million barrels of oil reserves amid Russia’s invasion of Ukraine.
Russia’s invasion of Ukraine did not only affect the two (2) territories involved but as well as countries across the globe. Many nations expressed condemnation of the move of Russia to invade Ukraine which led to a war that cost a lot of lives.
There are civilians who lost their lives amid the ongoing war between Ukraine and Russia. Some of them are children and it is breaking a lot of hearts. Several big companies have decided to stop their operation to show condemnation of their move against Ukraine.
Among those that stopped their operations in Russia are giant fast-food chain McDonald’s, video streaming service company Netflix, and soda giants Coca-Cola and Pepsi-Cola. British oil giant Shell and its competitor, BP, have also decided to exit Russia.
Amid the ongoing invasion of Russia in Ukraine, the global energy market is also suffering. Oil prices are taking an upward trend and nations are having a hard time dealing with the impact.
Based on a report on ABS-CBN News, in the pursuit to stabilize the global energy market, the IEA which consists of 31 members including Japan and the United States has agreed to make moves for the global market’s stabilization. They agreed on an additional release of oil reserves.
According to the report, Japan is set to release 15 million barrels of oil reserves to stabilize the global energy market amid Russia’s ongoing invasion of Ukraine. Both state and private oil reserves were tapped for the release that will be the Japanese government’s biggest as of the said move yet.
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