With crude oil prices remaining high, the government began bidding on the 27th to release some of its national oil reserves to the market.
This is the first time that the national stockpile has been released in response to a request from a foreign country in response to a request from the US Biden administration.
The Ministry of Economy, Trade and Industry announced on the 27th that it has begun bidding procedures to release part of its national oil stockpile.
As of the end of October, the national petroleum stockpiling has stored 145 days of domestic consumption, and the amount released this time is about 100,000 kiloliters stored at the Shibushi National Petroleum Stockpiling Base in Kagoshima Prefecture.
This is about one-third of the daily consumption.
The company that offers the highest bid will purchase it and will supply it domestically and internationally after March next year.
The release of oil stockpiles is limited by law only in the event of a shortage of gasoline supply or disasters, and a certain amount is replaced every year, but this time, the government has advanced that time to respond to the request of the Biden administration of the United States. It is said that it will be released in the form of temporarily reducing the stockpiling amount.
This is the first time that the national stockpile has been released in response to a request from a foreign country, and the Ministry of Economy, Trade and Industry is considering selling up to about 700,000 kiloliters in total in the future.