Japan's government has confirmed it was considering a release of crude oil from its strategic reserve in a marked departure from its initial reaction to U.S. President Joe Biden's idea of a concerted release by several countries. Reuters reported that Japan had plans for a crude oil release from its strategic reserve earlier today, citing unnamed sources. Japan's law prohibits the release of oil from the reserve except in a situation with a shortage or in a natural disaster. "We want to draw a conclusion after thoroughly considering the situation each country faces and what Japan can do," he added. Media reported last week that President Biden had approached China, Japan, South Korea, and India with the suggestion to all release oil from their strategic reserves to counter rising prices.

Source: The North Africa Journal November 22, 2021 17:52 UTC