Japan: Considers releasing oil reserves to limit growth

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A Japanese government spokesman has said the government is considering releasing oil reserves to help curb rising prices.

Japan has stocks equal to consumption needs for 242 days. These include direct government reserves, some reserves that are legally required to be maintained by oil companies, and reserves from oil-producing countries, which must be offered to the population as a matter of priority in the event of an energy crisis.

The Japanese government has released some of its reserves five times in the past, including the period in the 1970s during the oil crisis and after the earthquake that struck Japan in 2011, a government official said.

Cabinet Secretary Hirokazu Matsuno told a news conference that the government had not made a final decision on whether to release the reserves.

“We will closely monitor the impact of higher oil prices and movements in the international energy market on the Japanese economy and continue to urge oil-producing countries to increase production,” he added.

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Source From: Capital

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