TOKYO : Japan's plan to release oil from strategic reserves in coordination with the United States and other consuming countries remains unchanged despite the recent drop in oil prices, industry minister Koichi Hagiuda said on Friday.
Japan's government said last week that it will release"a few hundred thousand kilolitres" in response to a U.S. request, though the details were still being worked out as it would entail some switch in the composition of the types of oil held in the national reserve. "As for the timing of the release, we will continue to make preparations while keeping a close eye on developments in the international energy market," he said.
"We believe that the OPEC+ decision was made with a certain degree of consideration for the position of consuming countries, but... we will continue to urge oil-producing countries to increase production," he said.