Japan and European nations plan to release oil from reserves to stabilize prices

Japan's prime minister and energy minister have said the country will release part of its national oil reserves. This is part of a proposed coordinated action with other nations, led by the International Energy Agency (IEA), to help steady global energy prices.

The G7 group of nations, which includes Germany and Japan, has stated it is 'ready' to act. Germany and Austria are also preparing to unblock their own strategic oil reserves as part of this effort.