Oil price. Another Asian country plans to release reserves

Japan’s Kyodo news agency reported on Saturday, citing sources, that the Japanese government is considering releasing its reserves in response to rising oil prices.

It will be the first time that Japan releases its oil reserves to lower pricesAlthough the country has used the reserves in the past in the face of natural disasters and geopolitical threats abroad, Kyodo said.

The agency was unable to receive comments from government officials on this matter.

According to Kyodo Japan continues US attempts to find allies Among the world’s largest economies, they have agreed to release oil from their strategic reserves to contain rising energy prices.

President Joe Biden’s administration has called on a number of countries, including China for the first time, to consider releasing stocks of oil. US President Joe Biden and Chinese leader Xi Jinping discussed the issue at the virtual summit on Tuesday.

Earlier, the US administration had also called on other Asian countries, including India, Japan and South Korea, to join joint efforts to Increase the supply of crude oil to the fuel markets.

Source link

Felix J. Dixon