Japan to Sell Oil From National Reserves at Pre-Iran War Prices

Japan will sell oil from its national reserves at prices based on levels before the start of the Middle East war, according to the country’s trade minister.

The country announced this week it would release about 80 million barrels of oil from its state and private reserves, and it could start as soon as next week. The crude would be sold at levels based on the pre-conflict official selling prices of Middle Eastern producers, Minister of Economy, Trade and Industry Ryosei Akazawa said on Friday.