Prime Minister Fumio Kishida said on Wednesday that the government would release some of its oil reserves in cooperation with the United States.
Kishida told reporters that Japan would continue to persuade oil-producing countries to fight high prices.
According to a government official, the initial release of oil is expected to be equal to several days of consumption. In the wake of natural disasters and overseas political turmoil, decisions have been made to use reserve resources to address supply concerns.
The country has reported five times, including the Gulf War and the March 2011 earthquake and tsunami in northeastern Japan. The Japanese government has been reluctant to enter the stockpile because it could deplete its reserves for natural disasters, but a senior industry official has rejected the US request, saying “it is not an option.”
In the Middle East, Japan, the world’s largest oil producer, began supplying crude oil with about 90 percent of its consumption.
Japan has three different types of oil stocks – state-owned, state-owned and oil-rich. As a member of the International Energy Agency, the Japanese government is obliged to maintain oil reserves for 90 days from last year’s imported refineries, and the personal emergency stockpile must be more than 70 days from previous oil consumption. year.
At the end of September, Japan had 242 days of domestic consumption, of which 145 days were spent by the government and 90 days by the private sector, and the rest were stored with oil producers, he said. Latest government information released this month.
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Fumio Kishida, Oil