Tokyo-Sana
Japanese Prime Minister Fumio Kishida announced today that his government will draw down oil reserves in response to a US request in a way that does not violate Japanese law that allows the sale of stocks only when there is a risk of supply disruption.
Kishida told reporters today, according to Reuters: "We are working with the United States to achieve stability in the global oil market, and we have decided to join the United States in selling part of our national oil reserves in a way that does not contradict the current Japanese oil reserves law," adding, "His country will continue to put pressure on countries." oil producers to face the surge in prices.”
Kishida's confirmation comes after the administration of US President Joe Biden announced yesterday that it will release millions of barrels from its strategic reserves in coordination with China, India, South Korea, Japan and Britain to try to calm the rise in oil prices after major global producers repeatedly ignored calls to pump more supplies.
Japanese Industry Minister Koichi Hagiuda told reporters earlier in the day that Japan would withdraw a few hundred thousand kiloliters of its national oil reserves, but the timing of the sale was not specified, while Industry Ministry officials said details were being worked out.
