The latest announcement came as G7 leaders were set to discuss the widespread economic fallout from the US-Israeli war with Iran
3-MIN READ3-MINAgence France-PressePublished: 8:29pm, 11 Mar 2026Japan and Germany said on Wednesday they would tap into their oil reserves to tackle the rise in crude prices due to the Middle East war, with Berlin saying the IEA global energy body had asked member states to release 400 million barrels.
“Without waiting for a formal decision on coordinated international stock releases with the IEA, Japan has decided to take the lead in easing supply and demand in the international energy market by releasing strategic reserves as early as the 16th of this month,” Takaichi told reporters.
“Given Japan’s exceptionally high dependence on the Middle East (for oil) and as we will be severely impacted, we plan to utilise Japan’s strategic petroleum reserves,” she said.
