As crude oil prices soared, the Japanese government decided to release part of its national oil stockpile at the request of the US Biden administration.
Although the release of stockpiles is limited by law in an emergency, we will work in cooperation with each country by taking an unusual response to generate surplus.
This is the first release of national stockpiles.
At the request of the US government, the Japanese government has decided to release a portion of its domestic oil stockpile to the market.
In addition to the United States, we will act in cooperation with South Korea and India.
As of the end of September, Japan has stored 145 days of oil as a national stockpile.
We will release a few days' worth first and consider adding more.
The release of petroleum is limited by law in the event of an emergency 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 has decided that surplus oil can be released within the framework of the law.
This is the last oil stockpiling release from private stockpiling in June 2011 due to the deterioration of the situation in Libya, and the first oil stockpiling release.
Although the amount that can be released by the Japanese government is limited, it seems that the government aims to suppress the rise in crude oil prices to a certain extent by taking a cooperative stance with each country.