https://sputnikglobe.com/20211120/japan-mulls-releasing-oil-reserves-to-respond-to-increasing-prices-reports-suggest-1090878102.html
Japan Mulls Releasing Oil Reserves to Respond to Increasing Prices, Reports Suggest
Japan Mulls Releasing Oil Reserves to Respond to Increasing Prices, Reports Suggest
Sputnik International
TOKYO (Sputnik) - The Japanese government is considering releasing crude oil reserves to curb the growth in oil prices, Japan's Kyodo news agency said on... 20.11.2021, Sputnik International
2021-11-20T06:55+0000
2021-11-20T06:55+0000
2021-11-20T07:50+0000
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Japan previously resorted to this measure only in the event of natural calamities or disruptions in overseas supplies caused by an unstable political situation. The step is being considered as a tool for stabilising prices for the first time.The country's oil is kept at national oil reserves and at private oil firms. In late September, Japan possessed oil reserves sufficient for 242 days of consumption, according to the media.An increase in global oil prices has led to record-high fuel prices in Japan, and the government decided to pay oil companies five extra yen ($0.044) per one litre of fuel produced if the gasoline price exceeds 170 yen per litre, starting December 2021.
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Japan Mulls Releasing Oil Reserves to Respond to Increasing Prices, Reports Suggest
06:55 GMT 20.11.2021 (Updated: 07:50 GMT 20.11.2021) TOKYO (Sputnik) - The Japanese government is considering releasing crude oil reserves to curb the growth in oil prices, Japan's Kyodo news agency said on Saturday, citing sources.
Japan previously resorted to this measure only in the event of natural calamities or disruptions in overseas supplies caused by an unstable political situation. The step is being considered as a tool for stabilising prices for the first time.
The country's oil is kept at national oil reserves and at private oil firms. In late September, Japan possessed
oil reserves sufficient for 242 days of consumption, according to the media.
An increase in global oil prices has led to record-high fuel prices in Japan, and the government decided to pay oil companies five extra yen ($0.044) per one litre of fuel produced if the gasoline price exceeds 170 yen per litre, starting December 2021.
