Japan said it will release hundreds of thousands of kiloliters of oil from national reserves in response to the United States’ request for advanced economies to share their reserves in a bid to tame soaring oil prices.
Japan’s Prime Minister Fumio Kishida earlier announced that the country is considering releasing their national oil reserves in a way that would not breach a Japanese law that only allows selling reserves for supply disruptions.
Trade Minister Koichi Hagiuda elaborated that the country will conduct the release when it replaces the oil in its stockpile, noting that other details are still being worked out.
Nikkei reported that the country will release about 4.2 million barrels.
The move came after the U.S. confirmed the release of 50 million barrels of oil as President Joe Biden urged major countries to sell their oil reserves to address a global shortage. China, South Korea, India and the U.K. will follow in a coordinated release.
Major economies have been publicly calling for the Organization of Petroleum Exporting Countries to add more supply to the market, which the producer bloc has repeatedly resisted.
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