Japan To Auction 4.8 Mil. Barrels Of National Reserve Oil
The Japanese government began procedures on Friday to auction off a portion of oil from the national reserves in a bid to stabilize supplies and curb soaring prices.
It's part of 15 million barrels to be released from the reserves in coordination with the International Energy Agency.
About 4.8 million barrels of oil are expected to be released from three storage bases around the country.
Japan's trade ministry says the amount equates to about two days' worth of domestic consumption.
The release from the national reserves will be the first since Japan introduced the scheme in 1978. The oil will be available to the winning bidder on June 20 or later.