Japan's plan to release oil reserve unchanged despite price drop: Minister

Japan's plan to release oil from strategic reserves despite the recent drop in oil prices, industry minister Koichi Hagiuda said

Japan's plan to release oil from strategic reserves in coordination with the United States and other consuming countries remains unchanged despite the recent drop in oil prices, industry minister Koichi Hagiuda said on Friday.

Global oil prices have lost more than $10 a barrel since last Thursday when news of the Omicron coronavirus variant first shook investors.

Japan's government said last week that it will release "a few hundred thousand kilolitres" in response to a U.S. request, though the details were still being worked out as it would entail some switch in the composition of the types of oil held in the