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Japan Joins Ranks of Oil Consumers Weighing Stockpile Releases

  • Japan follows U.S., China in considering move to ease prices
  • Reserve releases seek to limit energy cost surge, inflation
Oil storage tanks in Yokkaichi, Mie Prefecture, Japan.

Oil storage tanks in Yokkaichi, Mie Prefecture, Japan.

Photographer: Tomohiro Ohsumi/Bloomberg

Japan is considering releasing oil from its strategic stockpiles, joining China and the U.S. 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 U.S.,” Prime Minister Fumio Kishida told reporters on Saturday.