Japan to Release 6 mmbl of Oil from Private Reserves

Japan to Release 6 mmbl of Oil from Private Reserves

Japan’s Industry Ministry announced that it will release 6 million barrels (mmbbl) of oil from its private reserves as a part of its contribution to a second round of the International Energy Agency’s (IEA) release to make oil prices drop, Reuters stated.

The country will dedicate three days of its petroleum consumption to the support IEA.

Japan announced earlier in April that it will release 15 mmbbl of oil from its national reserves as part of a second round of the IEA’s coordinated release. While the remaining 9 mmbbl of oil will be released from state petroleum reserves, Reuters said citing the ministry.

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