Press Conference by the Prime Minister regarding the Sale of Part of the State Petroleum Reserves

"The World and Japan" Database (Project Leader: TANAKA Akihiko)

Database of Japanese Politics and International Relations

National Graduate Institute for Policy Studies (GRIPS); Institute for Advanced Studies on Asia (IASA), The University of Tokyo

[Title] Press Conference by the Prime Minister regarding the Sale of Part of the State Petroleum Reserves

[Place]

[Date] November 24, 2021

[Source] Prime Minister of Japan and His Cabinet

[Notes] Provisional Translation

[Full text]

(Regarding the sale of part of the state petroleum reserves)

As you have pointed out, we are aware that on November 23 U.S. time, President Biden announced a plan to release oil from the Strategic Petroleum Reserve. We have already been cooperating with the United States to stabilize the international oil market, and we have decided to join the United States in selling part of our state petroleum reserves in a manner that will not violate the existing Petroleum Stockpiling Act.

I believe that stabilizing crude oil prices is a very important issue in realizing the economic recovery from the COVID-19 pandemic. In addition to the latest action, the Government will encourage oil-producing countries to take action, implement industry-specific measures for agriculture, fisheries, and other industries, and take measures to mitigate soaring gasoline and oil prices.

Regarding the question about the amount and timing of the oil reserve sales, for such further details, Mr. Hagiuda, Minister of Economy, Trade and Industry, will be available to take questions.