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Japan officially announces plan for releasing strategic oil reserve

All broadcasters highlighted remarks made to the press this morning by Prime Minister Kishida on the GOJ’s decision to release oil from the national strategic reserve. “I am aware that President Biden has announced a plan to release petroleum,” he was quoted as saying. “As Japan has taken a concerted approach with the United States for ensuring stability in the global oil market, we have decided to sell some of the oil held under the national reserve program in coordination with the United States and in a manner that does not run counter to the existing Petroleum Stockpiling Law.” The premier reportedly pledged to take additional measures to alleviate the impact of soaring petroleum prices on farmers and fishermen and head off a further spike in prices of gasoline and other oil products with the ultimate goal of ensuring economic recovery from the coronavirus pandemic.

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