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Japan uses its oil reserves to pressure OPEC + and reduce prices

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Japan uses its oil reserves to pressure OPEC + and reduce prices Empty Japan uses its oil reserves to pressure OPEC + and reduce prices

Post by RamblerNash Wed Nov 24, 2021 9:38 pm

Japan uses its oil reserves to pressure OPEC + and reduce prices 29796
Japanese Prime Minister Fumio Kishida
 
11/24/2021

Economy News - Baghdad

Japanese Prime Minister Fumio Kishida confirmed that the government will release some of its oil reserves in coordination with the United States and in a manner that does not violate the law.

Kishida told reporters on Wednesday that Industry Minister Koichi Hagiuda will announce details of the quantity to be released. He said that Japan will continue to pressure oil-producing countries to address the rise in prices.

The Nikkei newspaper reported today, Wednesday, that Japan will hold auctions on about 4.2 million barrels of its national stockpile, noting, without citing a source of information, that auctions of crude oil, worth about a day or two worth of Japan's demand, will be held by the end of the year.

This comes after the administration of US President Joe Biden announced that it will release millions of barrels of strategic oil reserves in an attempt to calm prices.

The US administration said it took the step in coordination with China, India, South Korea, Japan and Britain after OPEC + producers repeatedly ignored calls to increase production.

https://economy-news.net/content.php?id=26849
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