The Japanese government can solve the sale of oil from reserves. It is reported by the Kyodo News Agency.
This decision is designed to stabilize prices for this type of fuel. At the same time, some politicians opposed the adoption of such measures: despite the fact that the country’s legislation allows the use of oil reserves in the event of a disaster or shortage of deliveries due to global market problems, before Japan never released backup reserves in response to price increase .
As the sources of the agency told, in the case of a positive decision of the government, this process will most likely be carried out in cooperation with the United States.
Japan began to create strategic reserves after the 1970s. Currently, there are both public and private storage facilities in the country. As of the end of September, Japan has enough stocks to ensure the needs of the country for 242 days.
On November 17, US President Joe Biden during the Virtual Summit with the Chairman of the People’s Republic of China, Jinspin asked China to use oil from its own reserves to reduce world prices. The head of the PRC declared his openness to the proposals of this kind, but did not voiced specific obligations to explore the internal needs of the country in raw materials.