• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 5 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 2 days Does Toyota Know Something That We Don’t?
  • 5 days OPINION: Putin’s Genocidal Myth A scholarly treatise on the thousands of years of Ukrainian history. RCW
  • 2 days World could get rid of Putin and Russia but nobody is bold enough
  • 1 day America should go after China but it should be done in a wise way.
  • 5 days CHINA Economy IMPLODING - Fastest Price Fall in 14 Years & Stock Market Crashes to 5 Year Low
  • 4 days China is using Chinese Names of Cities on their Border with Russia.
  • 5 days Russian Officials Voice Concerns About Chinese-Funded Rail Line
  • 4 days CHINA Economy Disaster - Employee Shortages, Retirement Age, Birth Rate & Ageing Population
  • 10 days huge-deposit-of-natural-hydrogen-gas-detected-deep-in-albanian-mine
  • 5 days Putin and Xi Bet on the Global South
  • 5 days "(Another) Putin Critic 'Falls' Out Of Window, Dies"
  • 6 days United States LNG Exports Reach Third Place
  • 6 days Biden's $2 trillion Plan for Insfrastructure and Jobs

Breaking News:

U.S. Crude Oil, Gasoline Inventories Boom

Venezuela’s Oil Output Could See Moderate Boost

Venezuela’s Oil Output Could See Moderate Boost

The unlikely return of full…

China’s EV Growth Set To Explode in 2024

China’s EV Growth Set To Explode in 2024

China leads the global electric…

Japan Considers Releasing Oil From Reserve

Japan's government has confirmed it was considering a release of crude oil from its strategic reserve in a marked departure from its initial reaction to U.S. President Joe Biden's idea of a concerted release by several countries.

Reuters reported that Japan had plans for a crude oil release from its strategic reserve earlier today, citing unnamed sources. Japan's law prohibits the release of oil from the reserve except in a situation with a shortage or in a natural disaster. One source told Reuters that the government was looking for a loophole in the law. Another said, "We have no choice but to come up with something."

Later, Reuters cited Kyodo news agency as saying the government was indeed considering such a move despite the legislative challenges.

"We're proceeding with consideration as to what we can do legally on the premise that Japan will coordinate with the United States and other countries concerned," Prime Minister Fumio Kishida told media. "We want to draw a conclusion after thoroughly considering the situation each country faces and what Japan can do," he added.

Media reported last week that President Biden had approached China, Japan, South Korea, and India with the suggestion to all release oil from their strategic reserves to counter rising prices. Soon after these reports, it emerged that China was already planning a reserve release, with official sources stopping short of disclosing whether this was a result of Biden's lobbying or an earlier plan.

India rejected the idea on the grounds it would not do much good, even though the country is among the most dependent on imported oil. South Korea also seemed reluctant to tap its strategic reserves. In the U.S., the move has been discussed, but analysts are of the opinion that it would be ineffective.

In the meantime, oil prices have been falling as concern about new lockdowns in Europe was rekindled by rising Covid-19 infection numbers. At the time of writing, both Brent crude and West Texas Intermediate were trading below $80 per barrel, with Brent at $78.80 and WTI at $75.91.

By Irina Slav for Oilprice.com

ADVERTISEMENT

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News