Japan decides to release hundreds of thousands of liters of oil reserves expert: the effect is short

Original title: Japan decided to release hundreds of thousands of liters of oil reserves. Expert: the effect is short
Beijing, Nov. 25 (Xinhua) - in order to curb the rise of crude oil prices, at the request of the United States, Japan decided to release its national oil reserves. On the 24th local time, Japan's economic and industrial minister, Keiichi Morida, said that Japan would release hundreds of thousands of kiloliters of national oil reserves. In this regard, some experts said that the impact of this practice on crude oil prices is short-lived.

On November 24 local time, Japan decided to release hundreds of thousands of liters of oil reserves. Photo source: screenshot of Kyodo News Agency report.
It is reported that on the 24th local time, Japanese Prime Minister Fumio Kishida officially announced the release of some national oil reserves. In this regard, Japanese economic and industrial minister Hagi Shengtian Guangyi said that "hundreds of thousands of kiloliters will be sold in advance by replacing (inventory) oil types".
Hagi Shengtian also stressed that "it will keep pace with the United States and relevant countries. The stability of crude oil price is very important to achieve economic recovery."
However, the report pointed out that some people questioned the effect of releasing oil reserves.
According to the Japan Broadcasting Association (NHK), in response to the impact of the release of some national oil reserves by the Japanese government on crude oil prices, Zhijiu Ishikawa, director of the macroeconomic research center of the Japan comprehensive research institute, said, "it does have an impact, but the number of national stocks is limited. Since it is not an unlimited reserve, the effect may be temporary."
In addition, he also pointed out that "due to the high price of crude oil, the price of gasoline will not fall easily, and the price of other fuels such as diesel has not fallen, which may have a serious impact on the lives of consumers."
Japan's Kyodo News Agency reported that on the 24th local time, the Tokyo Mercantile Exchange, which closed on holidays, resumed trading. For the trend of releasing reserves, major oil producing countries may strengthen their duel posture, and the futures price of Middle East crude oil rebounded sharply.