Japan starts additional sales of oil reserves to stabilize prices

Japan has begun additional sales of oil reserves to stabilize prices on the market within the framework of the agreements reached by the member countries of the International Energy Agency (IEA), the Ministry of Economy, Trade, and Industry of Japan said, Report informs, citing TASS.

About 7.5 million barrels of oil from national reserves will be sold from March 10 to April 8. Japan held its first auction for the sale of oil from state reserves in early February when 620,000 barrels of oil were put up for auction.

Earlier, IEA members agreed to sell 60 million barrels of oil to stabilize prices, which rose due to the situation around Ukraine and the start of a special military operation by the Russian Federation.

Last November, Japanese Prime Minister Fumio Kishida announced a decision to sell part of the national strategic reserves for lowering oil prices in cooperation with the United States and other states.