TOKYO (Archyde.com) – Japan’s industry ministry said on Friday it would auction 4.78 million barrels of strategic oil reserves on May 10, as part of a drawdown coordinated by the International Energy Agency to calm rising crude prices.
Prime Minister Fumio Kishida said this month that Japan would withdraw 15 million barrels of its oil reserves as part of a second coordinated withdrawal led by the International Energy Agency.
And the Ministry of Industry announced last week that six million barrels will come from private reserves, while nine million barrels will be withdrawn from government reserves.
The International Energy Agency agreed earlier this month to withdraw 60 million barrels of oil from stocks, to be added to the 180 million barrels that Washington announced to withdraw at the end of March, with the aim of reducing oil prices, which rose sharply following the Russian attack on Ukraine.
Japan releases 4.78 million barrels of oil reserves
