Japan supports the US and will use oil from its national reserves

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Tokyo, Nov 24 (EFE) .- Japanese Prime Minister Fumio Kishida announced today that Japan will use its national oil reserves to stabilize fuel prices, in a coordinated way with the United States and other nations.

“Until now, we have been cooperating with the United States to stabilize the international oil market, but like the US we have decided to use a part of our national reserves,” Kishida said in statements collected by the local chain NHK.

This announcement by the Japanese Executive follows that of President Biden of the United States, who last Tuesday made official the use of 50 million barrels of oil in the coming months from the reserves of the North American country.

The movement of the first economy in the world to contain prices is supported by Japan and, according to the White House statement, it will be followed by other major energy consuming nations such as China, India, South Korea and the United Kingdom.

“The stability of oil prices is extremely important to achieve economic recovery after Covid-19,” said the Japanese prime minister on Wednesday, noting that they are not the only government measures in Japan.

“The Government will continue to work together with oil-producing countries and on measures for industries such as fishing and agriculture, with the aim of mitigating drastic changes in gasoline and oil prices,” explained Kishida, in power since the step October.

In the context of the global oil price boom, the Japanese Executive also approved last Friday a subsidy program for Japanese importers and wholesalers of crude oil, aimed at cushioning the impact of its rising cost on consumers and individuals.

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It is the first time that Japan has decided to resort to its crude deposits for reasons of a rise in prices, although it has previously made use of its emergency reserves, during exceptional situations such as the 1991 Gulf War and after the disaster that devastated the northeast of the archipelago in 2011.

The Asian country, whose oil consumption depends 90% on suppliers from the Middle East, began to accumulate reserves of this fuel in the 1970s.

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