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Japan partners with oil sales with small initial public offerings

Japan starts selling oil from strategic reserves to combat rising prices with little sales Together with unprecedented coordinated crude emissions from US-led strategic reserves.The government has offered Oman crude from strategic reserves in Shibushi for delivery between March and June. The trade ministry said in a statement.

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The move is part of Japan's oil sales plan in coordination with other consumer countries. and more sales may follow According to officials of the Ministry who declined to be identified due to internal policiesThe proposed volume is 100,000 kiloliters on the second order. This is equivalent to about 630,000 barrels in 2020. Japan consumes about 3.27 million barrels per day, according to BP Plc.

Biden's management began tapping the first 50 million barrels of the pledged reserves shortly after announcing a coordinated release in late November. South Korea said last week that It will begin releasing crude and oil products from strategic reserves next month. Although other countries named as part of the plan This includes China and India. Haven't done any action yet.

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