Japan Considering Releasing Oil From Strategic Stockpile
Japan is weighing the release of oil from its strategic stockpiles in a move to tamp down a surge in energy prices, Prime Minister Fumio Kishida told reporters, Bloomberg reported. Japan would join China and the U.S. in making such…
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a move, as each country has committed to tapping its reserves to bring down oil costs. President Joe Biden has attempted to broker international support for opening up countries' stockpiles after calls to the OPEC+ cartel to produce more oil went unanswered. “We are reviewing what steps we could act on, taking into consideration potential cooperation with related countries including the U.S.,” Kishida said.