9 October 2001, 09:37 Japan poised to unleash oil reserves if necessary
TOKYO, Oct. 9 (Kyodo) - Japan is poised to unleash its oil
stockpiles if the oil supply decreases as a result of the U.S.-led
military campaign against terrorism, Economy, Trade and Industry
Minister Takeo Hiranuma suggested Tuesday.
"We are closely monitoring the supply situation of crude oil,"
Hiranuma told reporters after a morning cabinet meeting.
Japan had 90.82 million kiloliters of oil reserves as of July
31, equivalent to roughly 164 days of domestic consumption,
according to the ministry.
Air strikes launched Sunday and Monday by U.S. and British
forces against targets in Afghanistan are raising concerns that an
expansion of the war front to the Middle East could boost oil
prices.
Hiranuma revealed that Japan had informed the International
Energy Agency soon after the Sept. 11 terrorist attacks on the
United States of its readiness to release oil stockpiles to
stabilize the market if crude oil prices surge.
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