(Bloomberg) Japan has offered to release about 630,000 barrels of strategic oil reserves between March and June, with more sales to follow in a bid to curb rising prices.
Japan’s move is partly related to the sales by other countries led by the US. Last week, South Korea also said it would begin selling strategic crude reserves next month.
The release of strategic reserves by Japan happens amid signs of weakening Asian demand for oil due to the spread of the Omicron variant, with Brent crude down to below $76 a barrel on Monday.
Japan consumed up to 3.27 million barrels a day of oil last year. While the Asian country releases strategic oil reserves regularly, it has shifted the timeline in solidarity with its peers engaging in similar moves.
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