Japanese Prime Minister Kishida worked with the U.S to confirm the release of some oil reserves

Japanese Prime Minister Kishida Fumio said on Wednesday that the government would release some of its oil reserves at a request from the US in order not to violate Japanese law. “We are working with the United States to stabilize the international oil market, and we have decided to join the United States in selling some of our national reserves in a way that does not violate the existing (Japanese) oil reserves law,” Kishida said.

Kishida did not disclose exactly how the shares would be issued. He added that industrial minister Hagiuda Koichi will release details such as sales amount later on Wednesday, and that Japan will continue to lobby oil-producing countries to combat soaring prices. The Nikkei newspaper previously reported that Japan would hold an auction to sell about 4.2 million barrels of its national reserves of about 490 million barrels. According to Nikkei, an auction of crude oil, which will meet Japan’s national demand for a day or two, is expected to take place before the end of the year.

Kishida’s confirmation comes after US President Joe Biden’s administration announced on Tuesday that it will work with China, India, South Korea, Japan and the UK to release millions of barrels of oil from strategic stockpiles to lower oil price hikes. Followed by the world’s leading manufacturers. Repeatedly ignored demand for increased supply.

According to the adjusted plan, the US will release 50 million barrels, which is about two and a half days of US demand. Meanwhile, India said it would release 5 million barrels, while Britain said it would release 1.5 million barrels voluntarily from private deposits. Details of oil production and timing in South Korea and China were not disclosed. South Korea said it would make a decision after talks with the US and other allies.