Japan to release oil reserves as early as Monday: PM Takaichi

TOKYO - Japan will begin drawing down its oil reserves as early as next Monday to deal with a possible sharp rise in gasoline and other petroleum product prices amid the Middle East conflict, Prime Minister Sanae Takaichi said.

Takaichi told reporters on Wednesday that Japan will release 15 days' worth of reserves held by the private sector and then one month's worth of government-held oil without waiting for a decision coordinated by the International Energy Agency.