Japan considers releasing oil reserves to curb rising crude prices

TOKYO, (Reuters): Japan’s government is considering releasing oil from its reserves in response to rising crude oil prices, Kyodo news agency reported on Saturday, without citing sources.

It would be the first time for Japan to release oil reserves for the sake of lowering prices, although the country in the past has tapped such reserves when it faced natural disasters and geopolitical risks overseas, Kyodo said. Government officials were not immediately available for comment on Saturday.

The Japanese move follows U.S. attempts to get some of the world’s biggest economies to consider releasing oil from their strategic reserves to quell high energy prices.

The administration of President Joe Biden has asked a wide range of countries, including China for the first time, to consider releasing stocks of crude.