Dhaka, March 11 -- Japan welcomed the decision made by the International Energy Agency (IEA) on Wednesday to implement a collective release totaling 400 million barrels of oil by member countries to address the deterioration in crude oil market conditions resulting from curtailment of crude oil production and exports in the Middle East.

"Ensuring the stable supply of energy, such as the crude oil market, and market stability is of utmost importance for the stability of the global economy, as well as Japan's economy and Japanese daily lives," said Japanese Foreign Minister Motegi Toshimitsu in a statement.

The Foreign Minister said Japan will continue all diplomatic efforts toward the early de-escalation of the situation in the Middle Ea...