Japan, India working on oil-stock release with US, timing unclear: Sources

Japanese and Indian officials are working on ways to release national reserves of crude oil in tandem with the United States and other major economies, but the timing of such a release remains unclear, seven government sources with knowledge of the plans told Reuters.

Such an announcement could come as early as Tuesday, according to a source familiar with the discussions, but White House and U.S. energy department officials said no official decision on a release had been made.

U.S. President Joe Biden has asked China, India, South Korea and Japan for a coordinated oil stocks release as U.S. gasoline prices soar and his approval ratings slump ahead of next year’s congressional elections.