The Strategist

Japan starts unlocking its oil reserves

03/04/2022 - 13:12

As part of the International Energy Agency's (IEA) member countries' agreements, Japan has started unlocking oil reserves and is preparing to sell 7.5 million barrels from strategic reserves.

The newspaper Kyodo News reported about it with reference to the comment of the Minister of Industry Koichi Hagiuda.

As the newspaper notes, such volume of oil is consumed in the country in four days. The government intends to reduce the mandatory stock of oil in the private sector to 66 days from the current 70 days. Japan is the second largest oil exporter after the US. The latter has announced a decision to release 30 million barrels.

Earlier it became known that Germany is also preparing to release oil reserves. The country will release 3.2 million barrels of oil, which is enough to cover domestic needs for three days.