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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