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ECONOMY > Energy

Japan mulls releasing oil reserves along with U.S.

  • November 21, 2021
  • , All national papers
  • JMH Summary

The Sunday editions of all national dailies wrote that the GOJ is considering releasing crude oil from its national petroleum reserves to help curb rising prices of gasoline and other oil products. Prime Minister Kishida told reporters on Saturday: “We are examining our legal options with the understanding that this would be a coordinated action by the United States, Japan, and other countries.” The papers wrote that the Biden administration has sounded out Japan and other nations on the possibility of releasing oil reserves, quoting White House Press Secretary Psaki as saying on Friday that Washington has been in discussions with leaders from various countries to ensure there is an adequate supply of crude oil. Yomiuri quoted an unnamed GOJ official as saying the GOJ is planning to announce its release of oil reserves along with the United States this week. Nikkei wrote that Japan has never tapped its national oil stockpiles although it has told refiners in the past to release crude oil from their stockpiles in response to supply risks and that the nation will make the unprecedented move in response to a call from the United States to take action against high fuel prices.

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