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Japan Premier Says Country to Release Oil From Reserves

  • Hundreds of thousands of kiloliters of oil to be released
  • Release is part of joint effort with U.S., other countries
A board displays fuel prices at a gas station in Tokyo on Nov. 19.
A board displays fuel prices at a gas station in Tokyo on Nov. 19.Photographer: Toru Hanai/Bloomberg
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Japan said it will release hundreds of thousands of kiloliters of oil from its national reserves, as part of a joint effort with the U.S. and other nations to rein in soaring prices. 

While officials didn’t give a more specific amount, Nikkei reported earlier the country will release about 4.2 million barrels. Japan, one of the top oil consumers, uses about 3.3 million barrels of oil a day.