TOKYO : Japan's Prime Minister Fumio Kishida said on Wednesday his government would release some oil reserves in response to a U.S. request in a way that does not breach a Japanese law that only allows stock releases if there is a risk of supply disruption.
Kishida didn't say exactly how the stocks would be released. He said Industry Minister Koichi Hagiuda will announce details later on Wednesday, such as the amount to be sold, adding Japan would continue to lobby oil-producing countries to combat drastic price moves. Kishida's confirmation came after the administration of U.S. President Joe Biden announced on Tuesday it will release millions of barrels of oil from strategic reserves in coordination with China, India, South Korea, Japan and Britain, to try to cool rising crude prices after major global producers repeatedly ignored calls for more supply.
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