Japan joins ranks of oil consumers weighing stockpile releases

Japan joins ranks of oil consumers weighing stockpile releases

Japan is considering releasing oil from its strategic stockpiles, joining China and the US in a coalition of consumers that wants to tame a surge in energy prices that’s triggered a jump in inflation.

“We are reviewing what steps we could act on, taking into consideration potential cooperation with related countries including the US,” Prime Minister Fumio Kishida told reporters on Saturday.

After the OPEC+ cartel of oil producers rebuffed calls to produce more oil, US President Joe Biden has sought to build international support for using consuming countries’ stockpiles to bring down prices that reached a 7-year high of $85 a barrel in late October. Higher energy costs are contributing to accelerating price rises across the global economy, putting pressure on politicians and central banks to act.