Daily Management Review

Japan's prime minister announces sale of part of Japanese oil reserves


In response to a request from the United States, Japanese Prime Minister Fumio Kishida has officially announced the decision to open up a portion of the country's national oil reserve.

"We are aware of US Vice President (Joe) Biden's announcement of an oil sale. So far, we've been working with America to stabilize the global oil market, and in order to stay up with them, we've chosen to sell a portion of the state's oil reserve, as long as it doesn't break the law", Kishida commented.

"The stability of oil prices is a very crucial job for economic recovery after the epidemic," the prime minister stated, adding that "the government will not restrict itself to these steps; it will cooperate with oil-producing nations, take measures to (help) businesses like agriculture and fisheries, and take measures to reduce severe spikes in gasoline and oil prices".

To lower the price of oil, US President Joe Biden announced the release of 50 million barrels from the strategic reserve on Tuesday. Several Asian nations, according to the White House, would deploy national strategic oil reserves in tandem with the United States to cut costs. The Ministry of Petroleum and Natural Gas of India, in particular, confirmed intentions to release 5 million barrels of oil from the strategic reserve.

source: asia.nikkei.com