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Japan also announced the sale of reserve oil


November, 24 2021
watermark Economic news

Japanese Prime Minister Fumio Kishida officially announced the decision to print part of the national oil reserve in response to similar actions by the United States and Biden's request to join the sale of oil reserves in order to stabilize world prices.


Kishida noted in his interview: «So far, we have been cooperating with America to stabilize the global oil market, so our country is keeping pace with the United States and in that form, as long as it does not violate the law.» The Prime Minister also stressed that stability of oil prices is a very important task for economic recovery after the pandemic.


Moreover, the Japanese authorities do not intend to limit themselves to these measures. Japan plans to work with oil-producing countries, take measures to support the agriculture and fisheries sectors, as well as measures aimed at mitigating the sharp rise in gasoline and oil prices.


Recall that yesterday US President Joe Biden announced the release of 50 million barrels of oil from state reserves in order to lower prices for this raw material. In addition, India also confirmed its plans to release 5 million barrels of oil from its strategic reserves.


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Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.