HOUSTON - Japan’s Vice Minister for International Affairs, Takehiko Matsuo, declared coordinated government efforts insufficient to stabilize energy markets during the CERAWeek conference Monday.
The International Energy Agency announced a 400 million barrel release from strategic stockpiles, with Japan contributing 80 million barrels alongside the United States. Despite this, global oil futures remain above $100 per barrel.
Matsuo highlighted severe risks stemming from the Strait of Hormuz blockade, noting 80 percent of natural gas exports to Asia pass through the region. He stated Japan currently holds only three weeks of gas reserves, urging companies to secure alternative supply routes from North America.