Japan to release national oil reserves from Thursday
- Building on last week’s discharge of private-sector stocks, Takaichi announced on X that Japan will tap into its national reserves starting March 26, releasing a combined total of roughly 80 million barrels (45 days’ worth) to stabilize prices.
- As a resource-poor nation relying on the Middle East for 95% of its oil, Japan is leading the G7 and IEA in a record coordinated release of 400 million barrels to bypass the “chokehold” currently tightening on the Strait of Hormuz.
Japan’s Prime Minister Sanae Takaichi announced Tuesday that the country will release another part of it from its strategic oil reserves starting Thursday, following a similar move last week.
In a post on X, Takaichi said the decision aims to ensure “the necessary supply of petroleum products for all of Japan,” confirming that national reserves will be used from March 26.
Tokyo had already begun releasing reserves last week, equivalent to 15 days’ worth of oil held by the private sector.
Japan relies heavily on the Middle East for nearly 95 percent of its oil imports, making it particularly vulnerable to regional disruptions.
The country maintains one of the world’s largest strategic petroleum reserves, totaling more than 400 million barrels as of December.
The move comes after members of the International Energy Agency agreed on March 11 to tap oil stockpiles to ease price surges driven by the ongoing war in the Middle East.
