US, Japan, and Australia Prepare to Release Strategic Petroleum Reserves Amid Ukraine Full-Scale War

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Hyunwoo Lee] As Russia's invasion of Ukraine and the prospect of full-scale war become a reality, concerns over a further surge in international oil prices are growing. In this context, the United States, Japan, and Australia are reportedly preparing to release Strategic Petroleum Reserves (SPR).

On the 24th (local time), Bloomberg News cited sources saying, "The Joe Biden administration is considering releasing strategic reserves in coordination with other countries to stabilize international oil prices." Although no final decision has been made, various cooperation plans with other countries are being reviewed, and modeling work on the timing and scale of the release is underway," the report stated.

There are also expectations that Japan and Australia will join the U.S. in the SPR release plan. According to major foreign media, a Japanese government official stated that if the International Energy Agency (IEA) requests, Japan will participate in releasing reserves along with other member countries. Earlier that day, Japan's Ministry of Economy, Trade and Industry issued a statement saying, "Stability in the crude oil market is extremely important for the stability of the global and Japanese economies." Haruhiko Kuroda, Governor of the Bank of Japan, also appeared before the House of Councillors and pointed out Japan's high dependence on foreign crude oil, stating that they are closely monitoring the impact of the Ukraine situation on oil prices.

Angus Taylor, Australia's Minister for Energy, also said in a statement that Australia is closely monitoring oil and natural gas price trends together with the IEA and the United States, and is prepared to release strategic reserves to stabilize oil prices. Minister Taylor explained, "While we cannot control international oil price surges, we are preparing measures with the U.S. and the IEA to mitigate rapid increases in international oil prices."

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