Home Business Japan’s decision to release hundreds of thousands of kiloliters of oil reserves experts: short-lived effects | Japan | Japanese Economy-Sina Technology

Japan’s decision to release hundreds of thousands of kiloliters of oil reserves experts: short-lived effects | Japan | Japanese Economy-Sina Technology

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Original title: Japan’s decision to release hundreds of thousands of kiloliters of oil reserves Experts: short-term effects Source: Chinanews

China News Service, November 25th. According to a comprehensive Japanese media report, in order to curb the rise in crude oil prices, Japan decided to release its national oil reserves at the request of the United States. On the 24th local time, Japan’s economic and industrial minister, Koichi Hagi, said that Japan will release hundreds of thousands of kiloliters of national oil reserves. In this regard, some experts said that the impact of this approach on crude oil prices is short-lived.

On November 24, local time, Japan decided to release hundreds of thousands of kiloliters of oil reserves. Image source: Screenshot of Kyodo News report.

According to reports, on the 24th local time, Japanese Prime Minister Fumio Kishida formally announced the release of some national oil reserves. In this connection, the Minister of Economy and Industry of Japan, Hagi Koichi, said that “by replacing the (stocked) oil types, hundreds of thousands of kiloliters will be sold in advance.”

Hagiuda also emphasized that “it will be in step with the United States and related countries, and the stability of crude oil prices is very important to achieve economic recovery.”

However, the report pointed out that some people questioned the effect of releasing oil reserves.

According to the Japan Broadcasting Association (NHK), in response to the impact of the release of some national oil reserves by the Japanese government on crude oil prices, Tomohisa Ishikawa, director of the Macroeconomic Research Center of the Japan Research Institute, said, “It does have an impact, but the amount of national inventory is Limited. Since it is not an infinite reserve, the effect may be temporary.”

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In addition, he also pointed out that “because the price of crude oil remains high, the price of gasoline will not fall easily, and the price of other fuels such as diesel has not fallen, which may have a serious impact on consumers’ lives.”

Japan’s Kyodo News Agency reported that on the 24th local time, the Tokyo Commodity Exchange, which was closed for holidays, restarted trading. Regarding the release of reserves, major oil-producing countries may strengthen their confrontational attitude, and Middle Eastern crude oil futures prices rebounded sharply.


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