Japan will extend measures to free oil reserves held by the private sector for a further 30 days, industry minister Shoichi Nakagawa said Friday.
The extension, which will run through Nov. 5, represents concerted action by the International Energy Agency to help stabilize global oil markets following recent damage inflicted on U.S. refineries by two massive hurricanes.
Nakagawa, minister of economy, trade and industry, told a news conference that Japan will retain its current policy of lowering the normal 70-day minimum stockpile levels held among 66 private sector oil companies by three days to 67 in a bid to increase market supplies.
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