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.
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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