Japan Decides to Release State Oil Reserves
Newsfrom JapanPolitics Economy
Tokyo, Nov. 24 (Jiji Press)--The Japanese government decided Wednesday to release oil from its state reserves in a coordinated action with the United States and other countries to lower crude oil prices.
"We've decided to sell part of our state oil reserves together with the United States in a way that is consistent with the oil reserves law," Prime Minister Fumio Kishida told reporters.
It will be the first time for Japan to tap its state oil reserves to respond to crude price spikes.
"We'll sell hundreds of thousands of kiloliters of oil promptly in the light of the coordinated action with the United States and other countries concerned," industry minister Koichi Hagiuda told reporters.
Although the law does not assume a release from the state reserves to curb price increases, it allows the sale of surplus oil varieties for replacement in the reserves.
[Copyright The Jiji Press, Ltd.]