Japan to Additionally Release Oil from Reserves

Politics

Tokyo, April 7 (Jiji Press)--Japan will release an additional 15 million barrels of oil from its reserves under a recent International Energy Agency agreement, Prime Minister Fumio Kishida said Thursday.

The country will tap both state and private-sector reserves in what will be its largest release of oil. This will mark the country's first release of oil from state reserves since the stockpiling began in 1978.

The amount of oil to be released is 1.5 times larger than required by the IEA and is the largest next only to the United States, Kishida told reporters.

Japan has released surplus oil from its state reserves in line with a request from the United States for an international coordinated release last November to curb crude oil prices.

In March, IEA nations agreed to jointly release 60 million barrels of oil from reserves amid the Ukrainian crisis. Japan has released 7.5 million barrels from private-sector reserves based on the agreement.

[Copyright The Jiji Press, Ltd.]

Jiji Press