Japan will extend for a third month the release of oil reserves held by the private sector in a coordinated effort by members of the International Energy Agency to hold down prices, the Ministry of Economy, Trade and Industry said Friday.
"We have to deter sharp oil price hikes as much as we can. I have heard it is appropriate to implement the measure for about three months," METI chief Toshihiro Nikai said at a news conference.
As part of a joint action by the 26 IEA members since Sept. 7, Japan has lowered its normal 70-day minimum stockpile levels among the 66 private-sector oil companies by three days to 67 in a bid to increase market supply.