Japan has been considering releasing oil from its reserves to contain the rise in commodity prices for the first time, reported the Kyodo news agency on Saturday (20).
The country’s prime minister, Fumio Kishida, has signaled a willingness to curb oil price spikes following a request from the United States.
However, Japan may struggle to justify such a move as, under its own laws, the country can release reserves only in times of supply constraints or natural disasters, but not to lower prices.
US President Joe Biden’s government, which is facing plummeting approval ratings and higher gasoline prices, has pressured some of the world’s largest economies to consider releasing oil from their strategic reserves to curb high energy prices .
The orders included a request to China for the first time to consider releasing oil stockpiles.
“We are considering what we can legally do based on the premise that Japan will coordinate with the United States and other countries involved,” Kishida told reporters.
“We want to come to a conclusion after considering in detail the situation each country faces and what Japan can do.”
Japan has used its past reserves to deal with the aftermath of the Gulf War in the early 1990s and the deadly earthquake and tsunami of 2011.
Reference: CNN Brasil
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