Japanese Prime Minister confirms release of oil reserves at U.S. request Reuters

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© Reuters. Japanese Prime Minister Fumio Kishida addressed the media at his official residence in Tokyo, Japan on November 24, 2021. He announced that the government would cooperate with the United States to release some oil reserves. Mandatory Credit Kyodo/via REUT

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TOKYO (Reuters)-Japanese Prime Minister Fumio Kishida said on Wednesday that the Japanese government will release part of its oil reserves at the request of the United States, but will not violate Japanese law, that is, only allow the release of stocks when there is a risk of supply disruption.

“We have been cooperating with the United States to stabilize the international oil market, and we have decided to work with the United States to sell some of our national oil reserves in a manner that does not violate the existing (Japanese) oil reserve law,” Kishida said. reporter.

Kishida did not specify how the shares will be issued. He said that the Minister of Industry Hagi Koichi will announce details such as the quantity to be sold later on Wednesday, adding that Japan will continue to lobby oil-producing countries to combat sharp price fluctuations.

The newspaper earlier reported that Japan will auction about 4.2 million barrels of oil in the country’s total inventory of about 490 million barrels. The Nikkei News stated that the auction of Japan’s national demand for about one or two days will be held at the end of this year, but did not quote the source.

The rising crude oil after the administration of US President Joe Biden announced on Tuesday that it would coordinate with China, India, South Korea, Japan and the United Kingdom to release millions of barrels of oil from strategic reserves in an attempt to become the world’s major oil producer After the price cooled down, Kishida confirmed the news. It has repeatedly ignored calls to increase supply.

According to the coordinated plan, the United States will release 50 million barrels of oil, equivalent to about two and a half days of demand in the United States. At the same time, India said it would release 5 million barrels of oil, while Britain said it would allow the voluntary release of 1.5 million barrels of oil from privately held reserves.

The details of the amount and timing of the oil released by South Korea and China have not been released. Seoul said it will make a decision after discussions with the United States and other allies.

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