Energy

Japan to release a few hundred thousand kilolitres of oil from reserve

1 minute read

An aerial view shows an oil factory of Idemitsu Kosan Co. in Ichihara, east of Tokyo, Japan November 12, 2021, in this photo taken by Kyodo. Picture taken on November 12, 2021. Mandatory credit Kyodo/via REUTERS

TOKYO, Nov 24 (Reuters) - Japan will release a few hundred thousand kilolitres of oil from its national reserve, but the timing of the sale has not been made, the country's industry minister, Koichi Hagiuda, told reporters on Wednesday.

Japan's Prime Minister Fumio Kishida said earlier that his government would release some oil reserves, after a U.S. request, in a way that does not breach a Japanese law, which only allows stock sales if there is a risk of supply disruption. read more

One kilolitre is equal to 6.29 barrels of oil. Earlier the Nikkei newspaper reported that Japan will release about 4.2 million barrels of oil. read more

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Reporting by Yuka Obayashi; Writing by Aaron Sheldrick; Editing by Jacqueline Wong

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