The industry ministry said on Friday it will release 6 million barrels of oil from privately held reserves as part of its contribution to a second round of the International Energy Agency’s (IEA) coordinated release to calm crude oil prices.
Japan will release the petroleum, equivalent to about three days of domestic consumption, by allowing local refiners to lower their mandatory stockpile level in private reserves by three days, to 63 days of domestic demand, from April 16 and Oct. 8.
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