Kyodo: Japan may allow the sale of oil from its reserves to stabilize prices This is reported by the Kyodo News agency.
This decision is intended to stabilize prices for this type of fuel. At the same time, some politicians opposed the adoption of such measures: despite the fact that the country's legislation allows the use of oil reserves in the event of a natural disaster or a lack of supply due to global market problems, Japan has never released safety stocks in response to price increases. .
According to the agency's sources, in the event of a positive government decision, this process will most likely be carried out in cooperation with the United States.
Japan began to create strategic reserves after the 1970s. Currently, there are both public and private storage facilities in the country. As of the end of September, Japan has enough reserves to meet the country's needs for 242 days.
On November 17, US President Joe Biden, during a virtual summit with Chinese President Xi Jinping, asked China to use oil from its own reserves to reduce global prices. The head of the People's Republic of China declared his openness to proposals of this kind, but did not voice any specific commitments to study the country's internal needs for raw materials.