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Japan considers releasing oil reserves amid rising prices

Japan’s top government spokesman on Monday said the government was considering releasing oil from reserves to help curb soaring energy prices.

Japan has 242 days of reserve. That includes direct government holdings, some of the reserves that oil companies are legally required to set aside, and reserves from oil-producing countries, which must be made available to the public. population on a priority basis in the event of a supply shock.

The Japanese government has announced its oil reserves five times in the past, including during the oil crisis of the 1970s and after the 2011 earthquake that struck the northern region, a government official said. Japanese.

Chief Cabinet Secretary Hirokazu Matsuno said at a news conference on Monday that the government has not made a final decision on whether to release the reserves.

“We will carefully monitor the impact of higher oil prices and developments in the international energy market on the Japanese economy and continue to ask oil-producing countries to increase production,” he said.

https://www.marketwatch.com/story/japan-considering-releasing-oil-reserves-amid-surging-prices-update-271637553118?rss=1&siteid=rss Japan considers releasing oil reserves amid rising prices

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