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Japan to release “several days” of oil reserves

Japan consumes around 4 million barrels per day

NHK reports that Japan will release “several days” of reserves. The country is the fifth largest consumer of oil in the world, at around 4 million barrels per day. So it’s somewhere in the range of 12 to 24 million barrels based on that statistic. It sounds high, but Japan has around 324 million barrels of reserves so they can swallow it.

A separate report says China is “selling at least 7.3 million barrels of reserves,” but a Global Times report earlier today said China should take a cautious approach because its own reserves are not sufficient .

China could help the United States curb soaring oil prices and inflation fears by releasing its own crude oil reserves to some extent as a favor, experts said on Tuesday. But the United States must sincerely reciprocate by pushing for a better environment for Sino-American cooperation, in particular it must refrain from accumulating unfounded pressure and suppressing China in areas where it does not. ‘don’t need China’s help, experts said.

Here’s a 30-minute chart from the WTI. Let’s just say the oil market isn’t impressed:

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