Japan to hold auction on May 10 to sell 760,000 kl of national reserve oil

Japan's industry ministry said on Friday it will hold an auction on May 10 to sell 760,000 kilolitres, or 4.78 million barrels, of national reserver oil as part of a release coordinated by the International Energy Agency to cool rising crude prices.

Out of the total, 440,000 kl will become available to the winning bidders on June 20 or later, while 320,000 kl will become available on Aug. 11 or later, it said in a statement.