Japan's industry ministry will hold an auction to sell about 100,000 kilolitres, or 628,980 barrels, of crude oil from its national reserves
The government said that the sale would be done as part of a switch in the composition of the types of oil held in the national reserve.
The supply, to be taken from its Shibushi tank in southwestern Japan, will become available to the winning bidder on March 20 or later, it said in a statement on Monday. Japan's government said last month that it would release "a few hundred thousand kilolitres" of oil in response to a US request, and the sale would be done as part of a switch in the composition of the types of oil held in the national reserve.Global oil prices have slipped by more than $5 a barrel since the ministry announced the plan late in November, as the spread of the Omicron coronavirus variant has raised concerns that fuel demand might decrease.
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