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Politics

Japan PM confirms oil reserve sales in reply to U.S. request

Auctions for less than 1% of nation's stockpile may be held by year-end

Japanese Prime Minister Fumio Kishida responds to reporters after announcing that Japan will release oil in an attempt to lower prices. (Photo by Uichiro Kasai)

TOKYO (Reuters) -- Japan's Prime Minister Fumio Kishida said on Wednesday his government would release some oil reserves in response to a U.S. request in a way that does not breach a Japanese law that only allows stock releases if there is a risk of supply disruption.

"We have been working with the United States to stabilise the international oil market and we have decided to join the United States in selling part of our national oil reserves in a way that does not contravene existing (Japanese) oil reserve law," Kishida told reporters.

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