Japan to hold auction to sell oil from state reserves

Japan’s industry ministry said on Wednesday it will hold an auction on June 10 to sell 750,000 kilolitres, or 4.72 million barrels, of oil from its national reserve in a release coordinated by the International Energy Agency to cool prices, Report informs via Reuters.

The supply will become available to the winning bidders on July 20 or later, it said in a statement.