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Japan to release a few hundred thousand kilolitres of oil from reserve

Published 11/24/2021, 01:32 AM
Updated 11/24/2021, 01:35 AM
© Reuters. An aerial view shows an oil factory of Idemitsu Kosan Co. in Ichihara, east of Tokyo, Japan November 12, 2021, in this photo taken by Kyodo. Picture taken on November 12, 2021. Mandatory credit Kyodo/via REUTERS

TOKYO (Reuters) - Japan will release a few hundred thousand kilolitres of oil from its national reserve, but the timing of the sale has not been made, the country's industry minister, Koichi Hagiuda, told reporters on Wednesday.

Japan's Prime Minister Fumio Kishida said earlier that his government would release some oil reserves, after a U.S. request, in a way that does not breach a Japanese law, which only allows stock sales if there is a risk of supply disruption.

One kilolitre is equal to 6.29 barrels of oil. Earlier the Nikkei newspaper reported that Japan will release about 4.2 million barrels of oil.

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Apart from coordinated release of OIL reserves, its important to coordinate export of items to OPEC cartels like Food items, electronic items, Construction materials, defense materials etc Another approach should be to break the cartel by coordinated buying only from select cartel members or if possible buying only from non-opec, even-though it means paying them higher prices to non-Opec oil exporters...These higher prices can be cross subsidised through ensuring higher export prices to OPEC cartels and heavy duties on any OPEC imports... Without multi pronged effort, uni-dimensional effort will fizzle out in no time..... This will also show that these countries like US, Japan, India , China are not thinking long term to punish OPEC cartels anti-competitive behaviours...Let's not indulge in gimmick...It’s  time to give OPEC taste of their own medicine to vaccinate nascent world recovery from ill effect from OPEC cartelization behaviour...
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