Tokyo: Japan will begin releasing oil from its state reserves starting Thursday, March 26, to secure sufficient petroleum supplies nationwide, Prime Minister Sanae Takaichi announced.
The move follows a similar measure initiated last week, during which Japan began drawing down reserves equivalent to 15 days of private sector holdings.
Japan relies on the Middle East for more than 90 percent of its crude oil imports, much of which passes through the Strait of Hormuz, where disruptions have contributed to rising global oil prices.
The decision aligns with an agreement reached by members of the International Energy Agency on March 11 to release reserves in response to market volatility linked to ongoing regional tensions.
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