Japan will consider release of oil reserves if necessary - industry minister

FILE PHOTO: Japan's Economy, Trade and Industry Minister Isshu Sugawara attends a news conference at Prime Minister Shinzo Abe's official residence in Tokyo, Japan September 11, 2019. REUTERS/Issei Kato

TOKYO (Reuters) - Japan will consider coordinated release of oil reserves and other measures if needed to ensure sufficient supplies after attacks on Saudi Arabia’s oil facilities, its minister of economy trade and industry, Isshu Sugawara, said on Tuesday.

Sugawara has previously said that Japan has oil reserves that are enough to cover more than 230 days of domestic consumption and the ministry will cooperate with the International Energy Agency and other nations and provide the necessary supply of oil, through such means as the coordinated release of its reserves if necessary.

Oil prices rose nearly 15% on Monday, with Brent logging its biggest jump in over 30 years amid record trading volumes, after an attack on Saudi Arabian crude facilities cut the kingdom’s production in half.

Reporting by Ritsuko Shimizu, Writing by Yuka Obayashi; Editing by Himani Sarkar