Japan to Release Additional Oil Reserves Covering 20 More Days

Japanese Prime Minister Sanae Takaichi confirmed on Friday that Japan will release additional oil reserves sufficient for 20 more days early next month.

اضافة اعلان

Speaking during a ministerial meeting held in response to the war in the Middle East, Takaichi said, “We will release quantities of oil from the national reserves held by the government sufficient for 20 days starting from early May, in order to ensure the stability of crude oil supplies.”

Japan began utilizing its strategic petroleum reserves last month, which are among the largest in the world.

The decision had already been reported by several media outlets, including Japan’s public broadcaster NHK, as well as the Jiji Press and Kyodo news agencies.

Japan relies on the Middle East for approximately 95% of its oil imports, and navigation through the strategic Strait of Hormuz has been significantly restricted since the outbreak of the war in late February.

AFP