Government Considers Release of National Stockpiled Oil Due to Soaring Crude Oil Soaring Cooperation between Japan, the United States and South Korea

It turns out that the government is considering releasing the surplus of the national oil stockpile in the country to the market at the request of the United States while the crude oil price is soaring.

Japan and the United States, as well as South Korea, which is also requested by the United States, are considering working together to temporarily increase supply, and it seems that the aim is to curb the rise in crude oil prices to a certain extent. Will be.

Rising crude oil prices have led to higher prices for gasoline and various petroleum products around the world, and in the United States, where transportation by car is the mainstream, the negative impact on consumers is spreading.

In Japan, there are growing concerns that it will hinder the economic recovery from the corona disaster.

Under these circumstances, according to the people concerned, it was found that the government is considering releasing the surplus of the national oil stockpile in the country to the market at the request of the United States.

In Japan, the country has a stockpile of oil, and as of the end of September, 145 days' worth of oil is stored domestically.

The release of oil is limited by law in the event of a disaster such as a shortage of gasoline supply or an earthquake, and we do not anticipate the release as a countermeasure against price increases.

On the other hand, domestic oil demand is declining year by year, and the government is considering that if it is a surplus, it can be released within the framework of the law.

We are also considering a temporary increase in supply in cooperation with Japan and the United States, as well as South Korea, which is also requested by the United States.

Although the amount that can be released is limited, it seems that the government aims to suppress the rise in crude oil prices to a certain extent by showing a cooperative stance.

Prime Minister Kishida "Consider carefully and draw conclusions"

Prime Minister Kishida told reporters in Matsuyama City, where he was inspecting, "We are currently considering what we can do legally while assuming cooperation with Japan and the United States or related countries. , I would like to draw a conclusion after carefully considering the situation in each country or what Japan can do. "

What is oil stockpiling?

The Government of Japan enacted the Oil Stockpiling Law based on the experience of the oil crisis that occurred in 1973.

In case the supply of oil is insufficient, the government and oil companies are obliged to store it in Japan so that gasoline and kerosene can be supplied immediately in addition to oil.

There are three methods of stockpiling: "national stockpiling", which is stockpiled by the national government, "private stockpiling", which is obligatory for private oil companies, and "joint stockpiling of oil-producing countries", which is stockpiled in domestic oil tanks in cooperation with oil-producing countries. There is one.

According to the Agency for Natural Resources and Energy, as of the end of September, the stockpile of "national stockpile" is for 145 days, "private stockpile" is for 90 days, and "oil-producing country joint stockpile" is for 6 days. ..

The release of oil stockpiles is limited to cases where there is a risk of supply shortage of gasoline etc. due to the Oil Stockpiling Law, or in the event of a disaster such as an earthquake or heavy rain, and it is not expected to be released as a countermeasure against price increases.

We have released the oil we have stored five times in the past.

Of these, in March 2011, when the Great East Japan Earthquake struck, some refineries in the Tohoku and Kanto regions were shut down, making it impossible to provide a stable supply, so 25 days of private stockpiles were released. Did.

In June 2011, it was the last to release 7.9 million barrels of private stockpiles in response to the worsening situation in Libya.

Crude oil prices are greatly affected by global demand trends and production plans of oil-producing countries.

Some say that even if the surplus is released, the amount will be limited, so the impact on gasoline prices will be limited.