|Tanks at Japanese refiner Eneos' Kiire storage yard in southern Japan will be used as an oil reserve. (Photo courtesy from Eneos via Nikkei Asia)|
[Asia News = Reporter Reakkana] TOKYO: Japan’s Industry minister Koichi Hagiuda revealed on Wednesday that it will release hundreds of thousands of kiloliters of crude oil from its emergency reserves, as the country seeks to address rising prices in tandem with the United States and other major energy-consuming countries, Kyodo reported.
Hagiuda told reporters the timing of the release is still "under consideration," adding, "We will be in step with the United States and other nations concerned." "The stability of oil prices is important in realizing an economic recovery," the minister said during his visit to the city of Kumamoto in southwestern Japan. The Ministry of Economy, Trade, and Industry said it will swiftly release the oil as soon as preparations for bidding and other conditions are finished. So as not to violate the law, Tokyo plans to release reserves in excess of its target of storing enough oil for 160 days of consumption.
Previously in the day, Prime Minister Fumio Kishida announced the measure in what will be the first time Japan has tapped state-owned reserves to lower prices. Japan's announcement came after the White House said Tuesday the United States will release 50 million barrels of oil from emergency reserves in coordination with other countries, including China and India.