Japanese Prime Minister Sanae Takaichi announced on Tuesday that Japan will resume releasing its strategic oil reserves starting this Thursday. This move follows a similar operation conducted by Tokyo last week.
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Writing on X (formerly Twitter), Takaichi stated: "In order to secure the 'necessary quantity for all of Japan' of petroleum products... we will utilize the national reserve starting March 26."
Last week, Tokyo began withdrawing an amount equivalent to 15 days' worth of oil reserves held by the private sector.
Strategic Importance and Context:
Import Dependency: Japan relies on the Middle East for approximately 95% of its oil imports, making it highly vulnerable to regional conflicts.
Reserve Capacity: Japan's strategic oil reserves are among the largest in the world, totaling over 400 million barrels as of December.
International Coordination: On March 11, members of the International Energy Agency (IEA) agreed to release oil stocks to mitigate price surges caused by the ongoing war in the Middle East.
Source: AFP
