Official! Japan Begins Releasing Strategic Oil Reserves to Avert Crisis
The Japanese government has begun releasing strategic oil reserves on Thursday (26/3/2026) to dampen the effects of the global energy price surge. This step was taken as conflicts in the Middle East continue to disrupt global supplies, particularly after Iran closed the vital Strait of Hormuz route.
Iran is known to have effectively closed the strait, through which about one-fifth of the world’s crude oil and gas flows, since the United States (US) and Israel launched attacks against the country on 28 February. The situation adds pressure on Japan, which is the fifth-largest oil importer in the world and relies on more than 90% of its supplies from the Middle East.
An official from Japan’s Ministry of Economy, Trade and Industry, Kaname Morimoto, stated that the release of reserves began on Thursday morning. “The release [of national stocks] began at 10.59 a.m. to oil refining companies,” he told AFP.
The Japanese government’s chief spokesperson, Minoru Kihara, also stated that he was aware that “the transfer of oil from half of the reserve stations to four oil refining companies is scheduled to begin” on Thursday.
This action follows Tokyo’s decision earlier this week to release government reserves equivalent to one month’s needs, after authorities had previously begun releasing private sector oil reserves for 15 days.
Disruptions in the Gulf region are also directly impacting Japanese shipping. As of Wednesday, 45 ships related to Japan were stranded in the Persian Gulf, including 24 crew members of Japanese nationality, according to the transport ministry.
President of the Japanese Shipowners’ Association, Hitoshi Nagasawa, said his organisation is urging the government to help reopen the shipping route. He stated that the association “strongly requests the government” to assist in reopening access through the Strait of Hormuz.
On the other hand, Iran’s Foreign Minister Abbas Araghchi stated this week that the waterway “is only closed to enemies.” The statement came after Tehran informed the International Maritime Organization that “non-hostile ships” can pass through the Strait of Hormuz if they comply with safety and security rules.
Head of the International Energy Agency, Fatih Birol, stated on Wednesday that he is ready to approve additional oil reserve releases if necessary. He conveyed this during a visit to Tokyo, after Japanese Prime Minister Sanae Takaichi requested the IEA to carry out additional releases “if the situation drags on.”