TOKYO, Reuters – Japan’s Prime Minster Fumio Kishida stated Wednesday that his country would respond to a request from the United States. However, this will not violate a Japanese law which only permits stock releases if there are risks of disruption in supply.

Kishida stated that the United States has been helping to stabilize the global oil market. He added, “We are joining the United States in selling a portion of our oil reserves. This is in accordance with existing (Japanese oil reserve laws.”

Kishida couldn’t specify the exact release of stocks. The Industry Minister Koichi Hagiuda said details about the sale would be announced later Wednesday. Japan will continue its lobbying for oil-producing countries in order to prevent price increases.

According to a newspaper, Japan is planning auctions for approximately 4.2 million oil barrels from its national stockpile which amounts to about 490,000,000 barrels. According to the Nikkei, auctions will take place by the end the year for approximately one to two days of Japan’s total national demand.

Kishida was confirmed by the U.S. president Joe Biden on Tuesday. The announcement came as the U.S. announced that millions of barrels will be released from strategic oil reserves with China, India South Korea, Japan, and Britain to help cool rising crude oil prices.

The United States will be releasing 50 million barrels under the plan. This is roughly equivalent to about 2 1/2 days U.S. consumption. India claimed it would be releasing 5 million barrels while Britain indicated it would permit the voluntary release 1.5 million barrels oil from private reserves.

The details regarding the timing and amount of oil released from South Korea or China have not been announced. Seoul stated that it will make a decision after talks with the United States, and other allies.