Japan offers tender notice on oil reserve release for IEA effort

Politics Economy

Japan gave notice Friday of the planned sale of crude oil from state reserves as part of a coordinated effort by the International Energy Agency to stabilize the market amid Russia's invasion of Ukraine. An auction will be held on May 10 for about 4.8 million barrels of crude oil from three reserve bases, part of the 9 million barrels Tokyo is set to release from national stockpiles, according to the Economy, Trade and Industry Ministry. The ministry said last week 6 million barrels will be released to the market from private reserves in Japan over a six-month period through Oct. 8. The releas...

Kyodo News

Kyodo News