Japan to propose concerted oil reserve release at IEA meet

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Japan to propose concerted oil reserve release at IEA meet Source: Kyodo News Service/Associated Press Publication date: 2000-10-02

TOKYO, Oct. 3 (Kyodo) -- Japan will propose at an emergency meeting of the International Energy Agency (IEA) that IEA members release oil reserves concertedly in the event of a suspension of oil supplies, International Trade and Industry Minister Takeo Hiranuma said Tuesday. Hiranuma revealed the plan at a regular news conference ahead of the meeting of IEA directors to be held in Paris on Wednesday to discuss rising oil prices.

The Ministry of International Trade and Industry is for the moment opposed to tapping Japan's oil reserves because oil is not in short supply in Japan, but believes it necessary for the IEA member countries to show readiness to unite against a possible further destabilization of the Middle East political situation that could push oil prices up further, ministry officials said.

The IEA is a Paris-based, 25-member autonomous agency linked to the Organization for Economic Cooperation and Development, whose members are oil consuming countries.

http://cnniw.yellowbrix.com/pages/cnniw/Story.nsp?story_id=14456708&ID=cnniw&scategory=Energy%3AOil

-- Martin Thompson (mthom1927@aol.com), October 03, 2000

Answers

I can't begin to understand why oil is not in short supply in Japan, a country that imports every drop.

-- Uncle Fred (dogboy45@bigfoot.com), October 03, 2000.

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