Japan announced on Thursday that it has begun releasing a portion of its strategic oil reserves in an effort to mitigate the impact of surging prices caused by the war in the Middle East on the resource-poor nation.
اضافة اعلان
Iran has closed the vital Strait of Hormuz—through which one-fifth of the world’s crude oil and LNG passes—since the United States and Israel launched strikes against the Islamic Republic on February 28.
Japan is the world’s fifth-largest oil importer, sourcing more than 90% of its supply from the Middle East.
"The release [of national stockpiles] to oil refineries began at 10:59 AM (01:59 GMT)," Kaname Morimoto, an official at the Ministry of Economy, Trade, and Industry (METI), told AFP.
Government spokesperson Minoru Kihara confirmed he was aware that the "transfer of oil from half of the storage terminals to four oil refining companies is scheduled to begin" on Thursday.
This move comes after Tokyo announced this week that it would release government stockpiles equivalent to a 30-day supply, while officials began releasing private-sector reserves equivalent to 15 days.
As of Wednesday, 45 Japanese vessels were stranded in Gulf waters with 24 Japanese sailors on board, according to the Ministry of Transport. Hitoshi Nagasawa, President of the Japanese Shipowners' Association, told reporters on Wednesday that the association is "strongly urging the government" to help reopen the Strait of Hormuz.
Iranian Foreign Minister Abbas Araghchi stated earlier this week that the waterway is "closed only to enemies." This followed Tehran's notification to the International Maritime Organization (IMO) that "non-hostile vessels" could cross the strait if they comply with safety and security regulations.
Fatih Birol, Executive Director of the International Energy Agency (IEA), announced Wednesday the organization’s readiness to pump more oil "if necessary." Birol’s remarks came in response to a request from Japanese Prime Minister Sanae Takaichi, who stated during their meeting in Tokyo that she is prepared to "release additional stockpiles" of oil.
Source: AFP
