Energy crisis: Japan to soon release national oil reserves

Tokyo - Japan will release national oil reserves starting Thursday amid supply concerns due to the US-Israel war against Iran, Prime Minister Sanae Takaichi said on Tuesday (24/3). The measure was announced during a cabinet meeting discussing the impact of the escalation in the Middle East on Japan’s economy. The policy comes after the release of oil reserves from the private sector began last week. Takaichi said that oil reserves from Middle Eastern countries stored in Japan will also begin to be used by the end of this month. “Peace and stability in the Middle East are very important for Japan and the international community,” she said. She added that Tokyo will continue to “undertake all necessary diplomatic efforts in close coordination with relevant countries.” Takaichi also said that she and US President Donald Trump affirmed the importance of maintaining stable energy supplies. This was done by ensuring navigation security in the Strait of Hormuz, the main global oil transport route, during a meeting in Washington last week. Ahead of the joint announcement with the International Energy Agency, Takaichi said on 11 March that Japan would begin releasing private sector oil reserves equivalent to 15 days starting from 16 March. This step will be followed by the release of national oil reserves equivalent to one month.