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GOJ announces release of state-owned oil reserves

  • November 25, 2021
  • , All national papers
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All national dailies reported extensively on Thursday on the announcement by the Japanese government on Wednesday that it will release some of its oil reserves in coordination with the United States and other major oil-consuming countries in an effort to curb surging oil prices. The GOJ will reportedly sell several hundred thousand kiloliters of oil from its national strategic reserves, the equivalent of a few days of domestic consumption. The dailies said Japan stockpiles enough oil for 145 days of domestic consumption. Prime Minister Kishida reportedly told the press on Wednesday: “Stabilizing crude oil prices is extremely important for reviving the economy following the COVID-19 pandemic.” Asahi said this will be the first time for Japan to release its reserves for the purpose of lowering prices. The daily noted that in response to a request from the United States, the GOJ found a way to release its oil reserves without violating the Petroleum Stockpiling Law, which only permits the release of oil reserves to address supply concerns following natural disasters or overseas political turmoil. Yomiuri wrote, however, that some are skeptical about the effectiveness of the measure as the amount of oil reserves that can be released is limited.

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