HomeAsiaJapan, Australia ready to tap oil reserves if Ukraine conflict hits supply

Japan, Australia ready to tap oil reserves if Ukraine conflict hits supply

MELBOURNE: Japan and Australia mentioned on Thursday (Feb 24) they have been ready to tap their oil reserves, along with different member nations of the International Energy Agency (IEA), if world provides have been hit by hostilities in Ukraine.

Oil costs touched a seven-year excessive of US$100 a barrel after Russian President Vladimir Putin authorised a military operation in eastern Ukraine, and explosions have been heard within the Ukrainian capital of Kyiv.

Japan mentioned it will work with oil producing and consuming nations and assist a coordinated oil launch from its emergency stockpile if requested to accomplish that by the IEA.

“The stabilisation of the crude oil market is extremely important for the stability of the world economy and the Japanese economy,” the Ministry of Economy, Trade and Industry mentioned in a press release.

Australia’s vitality minister, Angus Taylor, mentioned Canberra was working intently with the United States and the IEA to monitor oil and fuel markets forward of any transfer to tap the small stockpile Australia holds within the US Strategic Petroleum Reserve (SPR).

“While we cannot control these international price spikes, we are closely monitoring the situation with the IEA and the United States and stand ready to take action to help alleviate these pressures,” Taylor mentioned in a press release.

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