Japan mulls releasing oil reserves to respond to increasing prices: Reports

The Japanese government is considering to release crude oil reserves to curb the oil prices growth, Japan's Kyodo news agency said on Saturday, citing sources.

Previously, Japan resorted to this measure only in case of natural calamities or disruptions in overseas supplies caused by unstable political situation. Consequently, the step is being considered as a tool of stabilizing the prices for the first time.

The country's oil is kept at national oil reserves and at private oil firms. In late September, Japan possessed oil reserves sufficient for 242 days of consumption, according to the media.

The increase in global oil prices has led Japan to record high prices for fuels, and the government decided to pay out oil companies extra five yens ($0,044) per one liter of the fuel produced, if gasoline price exceeds 170 yens per liter, starting December 2021.