TOKYO—Japan is considering releasing oil from its reserves for the first time to curb surging oil prices, Kyodo news agency reported on Saturday, as Prime Minister Fumio Kishida signaled his readiness to counter oil price hikes following a request from the United States. However, Japan may struggle to justify such a move, as under its own laws the country can release reserves only at a time of supply constraints or natural disasters, but not to lower prices. The U.S. administration of President Joe Biden, who faces falling approval ratings and higher gasoline prices, has pressed some of the world’s biggest economies to consider releasing oil from their strategic reserves to quell high energy prices. The requests include asking China for the first time to consider releasing stocks of crude. “We’re proceeding with consideration as to what we can do legally on the premise that Japan will coordinate with the United …
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