While attention is on the strategic oil reserves in the global oil markets, it has been stated that Japan and the USA are preparing to sell reserves together.
According to the Japanese newspapers, Japan and the United States are planning a joint statement this week on the use of oil reserves to prevent price increases.
In a statement to the press the previous day, Prime Minister Fumio Kishida said that the government is evaluating the steps that can be taken in coordination with other countries to combat this problem.
While the Oil Stockpiling Law in Japan does not allow sales from reserves due to high prices, the government and private sector now hold more reserves than the minimum amount stipulated in the law.
After the OPEC+ coalition of major oil producers rejected calls to increase production, US President Joe Biden is trying to build international support for consumer countries to use inventories to drive oil prices, which hit a seven-year high of $85 a barrel at the end of October.
