Japan Mulls Releasing Oil Reserves to Respond to Increasing Prices, Reports Suggest

© REUTERS / Angus MordantThe sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019
The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019 - Sputnik International, 1920, 20.11.2021
Subscribe
TOKYO (Sputnik) - The Japanese government is considering releasing crude oil reserves to curb the growth in oil prices, Japan's Kyodo news agency said on Saturday, citing sources.
Japan previously resorted to this measure only in the event of natural calamities or disruptions in overseas supplies caused by an unstable political situation. The step is being considered as a tool for stabilising prices for the first time.
The country's oil is kept at national oil reserves and at private oil firms. In late September, Japan possessed oil reserves sufficient for 242 days of consumption, according to the media.
An increase in global oil prices has led to record-high fuel prices in Japan, and the government decided to pay oil companies five extra yen ($0.044) per one litre of fuel produced if the gasoline price exceeds 170 yen per litre, starting December 2021.
Newsfeed
0
To participate in the discussion
log in or register
loader
Chats
Заголовок открываемого материала