Japan energy minister backs proposed coordinated release of oil reserves

TOKYO - Japan supports a possible coordinated release of oil reserves by International Energy Agency member countries, industry minister Ryosei Akazawa said Tuesday, as the U.S.-Israeli war against Iran has triggered concerns over energy supply and led to a spike in oil prices.

Japan, which heavily relies on the Middle East for crude oil imports, believes such a release is "an effective tool toward stabilizing global markets," the minister said ahead of a virtual meeting of energy ministers of the Group of Seven industrialized nations, which he attended.