Japan, Germany to Release Strategic Oil Reserves

BlockBeats News, March 11th, Japanese Prime Minister Kishida Fumio stated that Japan will unilaterally release strategic oil reserves to address the impact of the Middle East conflict. Kishida Fumio said in a speech broadcasted on NHK on Wednesday that the release action could start as early as March 16th, releasing the equivalent of 15 days of private-sector oil reserves and one month of national oil reserves. This move comes as the International Energy Agency proposed the release of emergency oil reserves, with the release scale potentially being the largest in the agency's history, with a decision expected later on Wednesday. In addition, the German Minister of Economic Affairs also stated that Germany will release some national oil reserves, with specific details yet to be determined. (FXStreet)