Japan joins global US led initiative to fight price hike

  • 12/27/2021
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RIYADH: Japan has joined an interrelated release of crude oil from reserves strategy led by the US, with a sale of 100,000 kiloliters, or 630,000 barrels as a preliminary contribution. The Asian country plans to sell oil in partnership with other countries as additional sales may shortly follow, Bloomberg reported citing a ministry official. Countries such as India and China are part of the agreement; however, they are yet to act. In light of this, the global benchmark – Brent crude- fell by almost 7 percent to reach $76 per barrel since the launch of the US led initiative.

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