Japan’s Kyodo News Agency reported today, Saturday, quoting any sources, that the Japanese government is considering releasing its reserves in response to rising oil prices.
This will be the first time that Japan releases its oil reserves in order to lower pricesAlthough the country has used the reserves in the past when faced with natural disasters and geopolitical threats abroad, Kyodo said.
The agency was unable to receive comment from government representatives on this matter.
According to Kyodo Japan pursues US attempts to find allies Among the world’s largest economies agreed to free oil from their strategic reserves to contain rising energy prices.
The administration of President Joe Biden has asked a number of countries, including China for the first time, to consider releasing oil stocks. US President Joe Biden and Chinese leader Xi Jinping discussed the issue at the virtual summit on Tuesday.
Earlier, the US administration also asked other countries in Asia, including India, Japan and South Korea, to join in joint efforts to Increasing the supply of crude oil in the fuel markets.
