Japanese Prime Minister: We are studying the use of oil reserves to counter the rise in prices

Japanese Prime Minister Fumio Kishida said on Saturday that his government is considering using large amounts of oil from its reserves to counter rising crude oil prices, the Kyodo news agency reported.

The Kyodo news agency said the move would be the first time Japan has used its reserves oil in order to reduce prices, even if the country already It used its reserves to cope with natural disasters and geopolitical risks.

And the government of US President Joe Biden has urged some of the world’s largest economies to consider releasing large quantities of oil from their strategic reserves to stem rising energy prices.

Requests include asking China for the first time to take in considering the release of crude oil stocks. The Biden government is facing a drop in approval ratings and a rise in gasoline prices.

“We continue to look at what we can do on the basis that Japan will coordinate with the US and other interested countries,” Kyodo told reporters quoted Kishida.

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