Japan's government begins releasing national oil reserves starting today

According to Japan’s Ministry of Economy, Trade and Industry, the release of the national oil reserves will begin at 11 a.m. local time on the 26th from the “Kikuma National Oil Reserve Base” in Imabari City, Ehime Prefecture. The Ministry stated that the government plans to gradually start releasing oil reserves at nine bases nationwide, including this one, within March, adding two more bases by April, ultimately expanding to 11 bases across Japan. The total release is expected to be about 8.5 million kiloliters, equivalent to roughly one month of Japan’s domestic oil consumption. It is reported that the released national oil reserves will be sold by the Japanese government through flexible contracts at approximately 540 billion yen to the four major oil wholesale companies, which will process the oil into gasoline and other refined products before releasing them to the market. Including private and national reserves, this oil release will reach the largest scale in history. Additionally, the Japanese government plans to cooperate with oil-producing countries, and the “Joint Oil Reserve” stored within Japan will also begin releasing in March, amounting to about five days’ worth of consumption. (CCTV News)