Japan begins releasing oil from reserves

The International Energy Agency (IEA) announced on Sunday that countries in Oceania and Asia will “immediately” release oil from their reserves.

Now Japan says it has begun that process, and that oil levels are currently "being lowered."

Last week, it was announced that IEA member countries will release a total of 400 million barrels of crude oil, with the aim of dampening price increases in the wake of the Iran war. The IEA has previously stated that stocks in Europe and North America will be made available by the end of March.