Japan to auction 600,000 barrels of national reserve oil in February cgtn.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from cgtn.com Daily Mail and Mail on Sunday newspapers.
Japan s industry ministry said on Monday it will hold an auction on February 9 to sell about 100,000 kiloliters, or 628,980 barrels, of crude oil from its national reserve as a part of a US-led coordinated release of oil reserve to cool the current rising prices.
Japan s industry ministry said on Monday it will hold an auction on Feb. 9 to sell about 100,000 kiloliters, or 628,980 barrels, of crude oil from its national reserve as a part of a U.S.-led coordinated release of oil reserve to cool rising prices.
Japan started a sale of oil from its strategic reserves to combat rising prices with a modest sale, joining an unprecedented coordinated release of crude from strategic stockpiles that has been led by the US.
A government tender offered Oman crude from the strategic reserves in Shibushi for delivery between March and June next year, the Japanese Ministry of Economy, Trade and Industry said in a statement.
The move is part of Japan’s plans to sell oil in coordination with other consuming nations and more sales might follow, said a ministry official, who declined to be identified because of internal policy.
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