Japanese government officials are seeking out ways to surpass restrictions on releasing national reserves of crude oil in line with other developed economies to dampen prices. CL1! Down -0.28%, USOIL down -0.14%
- The world’s fourth-largest oil consumer is limited on how it can react with its reserves that can be used in times of shortage.
- The government is looking into approaches to release the portion of the state-held stocks over the minimum amount set as a legal loophole.
- Japanese government officials are looking for private stocks that are part of the national reserve, with some policymakers stating that the reserves can be released with massive restrictions.
- Chief Cabinet Secretary Hirokazu Matsuno stated that nothing had been agreed as Kishida stated that the government was in the process of considering what to do legally.
- Brent crude recovered from initial losses and was up nearly 0.5% after prices dropped significantly on Friday.