Japan's oil reserve release plan unchanged

News Image

MG News | December 03, 2021 at 10:30 AM GMT+05:00

0:00

December 3, 2021: Japan's plan to release oil from strategic reserves in coordination with the United States and other consuming countries remains unchanged despite the recent drop in oil prices, industry minister Koichi Hagiuda said on Friday.

Global oil prices have lost more than $10 a barrel since last Thursday when news of the Omicron coronavirus variant first shook investors.

Japan's government said last week that it will release "a few hundred thousand kilolitres" in response to a U.S. request, though the details were still being worked out as it would entail some switch in the composition of the types of oil held in the national reserve.

"There is no change in our plan of releasing oil from reserves, as the sale will be done as a change in the type of oil, which we had planned to do," Hagiuda said on Friday.

"As for the timing of the release, we will continue to make preparations while keeping a close eye on developments in the international energy market," he said.

Oil prices climbed on Friday after OPEC+ surprised markets by sticking to its plans to boost output slowly but also said it would review supply additions ahead of its next scheduled meeting if the Omicron variant hits demand.

"We believe that the OPEC+ decision was made with a certain degree of consideration for the position of consuming countries, but... we will continue to urge oil-producing countries to increase production," he said.

Japan, along with the United States, has asked oil producers to boost crude output to help lower prices.

The White House also said on Thursday it welcomed a decision by OPEC+ to incrementally increase oil output, but added that the United States has no plans to reconsider its decision to release crude reserves.

Reuters

Related News

Name Price/Vol %Chg/NChg
KSE100 134,299.77
290.06M
0.39%
517.42
ALLSHR 84,018.16
764.12M
0.48%
402.35
KSE30 40,814.29
132.59M
0.33%
132.52
KMI30 192,589.16
116.24M
0.49%
948.28
KMIALLSHR 56,072.25
387.69M
0.32%
180.74
BKTi 36,971.75
19.46M
-0.05%
-16.94
OGTi 28,240.28
6.19M
0.21%
58.78
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 118,140.00 0.00
0.00
-390.00
-0.33%
BRENT CRUDE 70.63 70.71
68.55
1.99
2.90%
RICHARDS BAY COAL MONTHLY 97.50 0.00
0.00
1.10
1.14%
ROTTERDAM COAL MONTHLY 108.75 108.75
108.75
0.40
0.37%
USD RBD PALM OLEIN 998.50 998.50
998.50
0.00
0.00%
CRUDE OIL - WTI 68.75 0.00
0.00
0.30
0.44%
SUGAR #11 WORLD 16.56 16.60
16.20
0.30
1.85%

Chart of the Day


Latest News
July 13, 2025 at 06:20 PM GMT+05:00

Pakistan, UK to sign Trade Dialogue ToRs


July 13, 2025 at 05:48 PM GMT+05:00

Key Pakistan Market Stats and Economic Indicators


July 13, 2025 at 05:44 PM GMT+05:00

Inside NCCPL’s Rulebook Shift


July 13, 2025 at 01:57 PM GMT+05:00

Weekly Market Roundup


July 13, 2025 at 10:26 AM GMT+05:00

K-Electric dispels rumours of peak hour changes



Top 5 things to watch in this week

Pakistan Stock Movers
Name Last Chg/%Chg
Name Last Chg/%Chg