Kishida confirmed that Japan will release its strategic petroleum reserves, and South Korea has responded

Japanese Prime Minister Fumio Kishida confirmed that Japan will release the Strategic Petroleum Reserve and join forces with the United States and other countries to jointly curb soaring oil prices
.

Kishida said Wednesday morning that Japan would release oil reserves in a way that would not violate the Petroleum Reserve Law, but did not disclose arrangements such as the size or timing of the launch, saying that Minister of Economy, Trade and Industry Koichi Hagiita would release details
later.
Nikkei Shimbun previously reported that Japan will release about 4.
2 million barrels of oil
reserves.

As one of the world's largest oil consumers, Japan's demand is about 3.
3 million barrels per
day.

It is worth noting that Japan's oil reserve law only allows the release of oil reserves in situations such as war-induced supply shortages and natural disasters, and does not include the situation of
oil price increases.
In addition, according to the Asahi Shimbun, Japan released the oil reserves of non-governmental organizations during the Gulf War and the March 11 earthquake in Japan, and so far there is no precedent
for releasing national oil reserves.
The indirectly release of a country's oil reserves in order to drive down oil prices is an extremely anomalous example that could spark controversy
.

After OPEC+ rejected calls to increase production, the United States and other major crude consumers have struggled with soaring oil prices
.
South Korea, India and the United Kingdom will coordinate with the United States on the oil release operation
.

According to the global network, Yonhap News Agency said on November 24 that the South Korean government said on the 23rd that South Korea will participate in the joint release of oil reserves proposed by the United States with Japan, India and other major oil consumers
.

The South Korean government said that this is a comprehensive consideration of the international community's cooperation on the high price of crude oil, the importance of the South Korea-US alliance, and the participation of major countries.
After the decision is made
.

According to the report, the specific scale, time and method of South Korea's oil release will be announced in the future, and it is expected that the scale of release will be the same as
the previous international cooperation between South Korea and the International Energy Agency (IEA).

Yonhap News Agency said that when the situation in Libya deteriorated in 2011, the South Korean government released 4% of the national oil reserves (3.
467 million barrels)
according to the IEA's requirements.
According to some observations, this time will also release 4% to 5% of South Korea's total reserves
.