Japan Plans to Release Additional Oil Reserves Equivalent to 20 Days in May

Tokyo (ANTARA) - Japan plans to release oil reserves equivalent to 20 days in May, Japanese Prime Minister Sanae Takaichi said on Friday (10/4), marking an additional step in efforts underway since mid-March. Takaichi revealed the plan during a ministerial-level meeting on Friday to discuss the Middle East situation amid uncertainties regarding safe passage through the Strait of Hormuz, regardless of the US-Iran ceasefire agreement. The Japanese government began releasing reserves equivalent to around 50 days onto the market on 16 March to secure a stable supply, after the outbreak of conflict in the Middle East at the end of February led to the closure of most major oil shipping routes. Although the US and Iran have agreed to a two-week ceasefire, it is still uncertain whether shipments through the Strait of Hormuz can resume smoothly or return to pre-war operational conditions. Takaichi told the media that “we will take every possible step to ensure the stability of crude oil supplies.” By May, Japan should be able to secure more than half of its oil imports through routes that do not pass through the Strait of Hormuz, according to Takaichi, without specifying the source. Japan relies on the Middle East for more than 90 per cent of its crude oil imports, most of which pass through the Strait of Hormuz.