Today's Edition
TOKYO (REUTERS)
Japan plans to start releasing oil from its stockpiles on Monday, with Tokyo pledging to release a record 80 million barrels of oil, about 45 days of supply for the nation.
The government has asked Japan's refiners to use the released crude, which will reduce the national reserves by 17%, to secure domestic supplies. It is not known how much of the oil will go to a global release of 400 million barrels being coordinated by the International Energy Agency to address the global supply shock and price volatility.
Japan started its national oil reserve system in 1978. The Group of Seven nation, which is mostly reliant on the Middle East for around 90% of its oil, now stocks 254 days of consumption.
