Japan to release 4.2 mn barrels of oil from reserves

Japan will hold auctions for about 4.2 million barrels of oil out of its national stockpile after a United States announcement on a coordinated release of reserves among major economies to cool prices, the Nikkei newspaper reported on Wednesday.

The auctions for the crude oil, about 1 or 2 days worth of demand for Japan, will be held by the end of the year, the Nikkei reported without citing a source for the information.

The administration of US President Joe Biden announced on Tuesday it will release millions of barrels of oil from strategic reserves in coordination with China, India, South Korea, Japan and Britain, to try to cool prices after OPEC+ producers repeatedly ignored calls for more crude.

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