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

by Mike Robinson

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© Reuters. This aerial view of the oil factory at Idemitsu Kosan Co., Ichihara (east of Tokyo), Japan, November 12, 2021 is taken in this Kyodo photo. This picture was taken November 12, 20,21. Mandatory credit Kyodo/via REUTERS

TOKYO, Reuters – Japan is set to release a small number of hundred thousand kilolitres from its national oil reserve. However, the date has yet to be determined, according Koichi Hagiuda (country’s industry minister), on Wednesday.

Fumio Kishida, Japan’s prime minister, stated earlier that his country would allow some oil resources to be released after the U.S. requested. However, this does not violate a Japanese law that allows stock sales only if there are risks of disruption in supply.

One kilolitre of oil is equivalent to 6.29 barrels. The newspaper earlier reported that Japan would release approximately 4.2 million barrels.

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