TOKYO/NEW DELHI, Nov 23 — Japanese and Indian officials are working on ways to release national reserves of crude oil in tandem with the United States and other major economies, but the timing of such a release remains unclear, seven government sources with knowledge of the plans told Reuters.
The US government has been unable to persuade Opec+ to pump more oil, with major producers arguing the world was not short of crude. Citigroup analysts estimated in a note that the United States could release anywhere from 45 million to 60 million barrels from its reserves that would bring forward about 20 million in already approved sales. The bank said a combined release could be at “on the order of 100-120 million bbls or higher.”
“If they are going to make a change, it will be because of unforeseen external factors, such as these lockdowns in Europe, any kind of strategic release, and shifts in jet fuel demand,” said McMonigle. The IEF is the largest international organisation of energy ministers and includes Saudi Arabia, the United States and Russia.
Japan, the world’s fourth-biggest oil buyer, is restricted on how it can act with its reserves — made up of both private and public stocks — which typically can only be used in times of shortage.
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