The International Energy Agency has recommended the release of 400 million barrels of oil from member states’ stockpiles — the largest such move in the agency’s history — as the US-Israel war on Iran left the Strait of Hormuz virtually impassable and crude prices soaring.
Japan and Germany both confirmed their participation on Wednesday, with the United States also expected to be among the largest contributors.
Japan plans to release around 80 million barrels from its national and private reserves starting 16 March, Prime Minister Sanae Takaichi announced.
A Ministry of Economy, Trade and Industry official said Japan would face the greatest impact of any country from a prolonged Hormuz closure, through which roughly 70% of its oil imports pass. Should Japan’s contribution form part of a finalised IEA-coordinated release, it would count toward the 400 million barrel total.
Germany’s Economy Minister Katherina Reiche confirmed Berlin would contribute 19.51 million barrels — equivalent to 2.64 million tonnes. Speaking to reporters in Berlin, Reiche said the Strait of Hormuz was “currently virtually impassable” and stressed that Germany was honouring the IEA’s core principle of mutual solidarity among members. She said there was no current supply shortage in Germany, which holds legally mandated reserves covering 90 days of demand.
Reiche also said the government planned to limit petrol price increases at filling stations to once per day and to introduce tighter antitrust regulation of the fuel retail sector, though she gave no precise timing for either measure.
The IEA’s intervention comes as the conflict, now in its 12th day, continues to drive crude prices sharply higher and disrupt a key oil export corridor, with ripple effects spreading across global energy and transport markets.
(Reuters)
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