Japan Considers Releasing Additional Oil Supply Equivalent to 20 Days

Tokyo (ANTARA) - Japan is considering the release of additional oil equivalent to 20 days of domestic consumption from its reserves in May, as uncertainties persist regarding safe passage through the Strait of Hormuz, local media reported on Thursday (9/4). The Japanese government initiated its largest-ever oil reserve release in mid-March to ensure stable supply following the outbreak of conflict in the Middle East at the end of February, which led to the partial closure of that key oil shipping route. The amount released was equivalent to around 50 days of domestic needs, sourced from national reserves, the private sector, and oil-producing countries in the Gulf region. Although the United States (US) and Iran reached a two-week ceasefire ahead of the deadline set by US President Donald Trump, it remains uncertain whether shipping through the Strait of Hormuz can resume smoothly or return to pre-war operational conditions. Therefore, Japan’s Ministry of Economy, Trade and Industry is considering an additional release amid concerns that the effective closure of the strait could last longer, Kyodo News reported, citing sources familiar with the matter. Japan, which is short on resources, relies on the Middle East for more than 90 per cent of its crude oil imports. Those shipping disruptions have driven sharp increases in energy costs and other expenses in the country.