Yoshifumi and Ritsuko Takemoto

TOKYO (Reuters), – Japan considers unprecedented releases of its oil resources after Washington requested coordinated action against spiraling energy prices. This was confirmed by three sources familiar with the matter who spoke to Reuters.

Sources said that the government is considering releasing the excess oil as an option. Japanese law allows oil reserves to be released in the event of shortages or natural disasters, but does not allow for rising prices.

After being asked by the United States for information, another source told Reuters that they had no other choice than to create something.

Sources declined to provide their names because they were not allowed to make the plans public.

Japan has not released any oil from its reserves. However, oil companies did so in the aftermath of the tsunami and the Gulf War 1991.

Hirokazu Matsuno Chief Cabinet Secretary said Monday that nothing has been resolved, but Fumio Kirishida Prime Minister said on Saturday that the government was still considering its legal options.

After members of the Organization of Petroleum Exporting Countries (and its allies) repeatedly rejected its request for production speed increases, the Biden administration asked some of the largest oil-consuming countries in the world, including China and India to release oil from their strategic resources.

Official data shows that the Japanese government held approximately 145 days of daily oil consumption in September. This is far more than the law requires.

Private sector reserves exceed the minimum of 70 days and total 90 days.