Japan’s authorities decided in accordance with the arrangement among IEA member-states to sell 7.5 mln barrels of oil from the national reserve in order to reduce oil prices, Minister of Economy, Trade and Industry Koichi Hagiuda told reporters, Trend reports citing TASS.
"The decision was made to sell 7.5 mln barrels of oil," the Minister said.
According to Kyodo news agency, Japanese authorities also decided to allocate about 360 bln yen (around $3.1 bln) to stabilize domestic prices of gasoline and other petroleum products.
IEA members agreed earlier to sell 60 mln barrels of oil to stabilize prices.