Japan plans to release oil reserves to reduce prices -Kyodo By Reuters

TOKYO (Reuters) – The Japanese government is considering releasing oil from reserves in response to rising prices, the Kyodo news agency reported on Saturday, citing no sources.

It would be the first time Japan has released oil reserves to lower prices, even as the country has used these reserves in the past to deal with natural disasters and geopolitical risks abroad, Kyodo said.

Government officials were not immediately ready to comment.

U.S. President Joe Biden’s face of declining admission rates and higher gasoline prices has made https://www.reuters.com/business/energy/asia-looks-spr-shock-treatment-high-oil-prices- . after-us-request-2021-11-18 Some of the world’s largest economies need to consider releasing oil from strategic reserves to calm high energy prices.

Among the demands is to study China’s release of crude stocks for the first time.

Japan reacted positively to the initial expansion of the US, about the possible release of a coordinated reserve, and while examining that step, a person familiar with the matter had previously told Reuters.

Cabinet Secretary-General Hirokazu Matsuno Cabinet Secretary-General declined to comment on U.S. requests on Thursday, Reuters reported for the first time.

“We will continue to plead to see how the rise in crude oil prices will affect global energy markets and the Japanese economy,” he told reporters. “While we urge oil-producing nations to increase oil production, we will strive to stabilize energy markets by coordinating with major consumer nations and international organizations,” such as the International Energy Agency.

Japan, which has scarce resources, gets most of its oil from the Middle East. Lately the rise in oil prices and the weakening of the yen have been driving up the cost of imports, and it has dealt a double blow to a trade-dependent nation.

Prime Minister Fumio Kishida’s government unveiled a $ 490 billion recovery plan on Friday, including measures to tackle rising oil prices. It plans to provide subsidies to oil refiners with the aim of reducing wholesale gasoline and fuel prices to alleviate the pain caused by the rise in oil prices for homes and businesses.

“It is important to urge oil-producing countries to increase oil production,” Kishida said last month after a discussion with cabinet ministers. “We will organize specific measures after confirming those affecting the industrial sectors.”