Biden administration "examination of oil stockpiling release" Request to Japan etc.

As global crude oil prices continue to rise, the Biden administration in the United States has requested Japan, China, and others to consider releasing oil reserves in order to cooperate in lowering prices in each country, some foreign media reported. I did.

The Biden administration has called on Japan, South Korea, India and China to consider releasing some of their oil reserves, Reuters said yesterday, according to people familiar with the matter.

As crude oil prices continue to rise, it seems that each country will work together to increase the supply of oil, which will lead to a reduction in prices.

Meanwhile, on the 17th, President Biden instructed relevant agencies to investigate whether domestic oil-related companies have raised gasoline prices illegally.

Regarding crude oil prices, OPEC (OPEC) led by Saudi Arabia and major oil-producing countries such as Russia have postponed additional production increases next month, and it is expected that prices will continue to remain high.

In the United States as well, gasoline prices have risen to the highest level in seven years, leading to record price increases, and the Biden administration has had an impact on civilian life as the approval rating has fallen to the lowest level since its inauguration. You can see that he is nervous about how to suppress it.

Chief Cabinet Secretary "Working to Stabilize the Energy Market"

Chief Cabinet Secretary Matsuno said at a press conference on the morning of the 18th, "We have various exchanges between Japan and the United States on a daily basis, but we will refrain from commenting on each one. The government will continue to raise the price of crude oil. While paying close attention to trends in the international energy market and the impact of soaring prices on the Japanese economy, we will continue to encourage oil-producing countries to increase production, and with major consuming countries and related international organizations such as the IEA (International Energy Agency). We will work to stabilize the energy market by strengthening our cooperation. "