Japanese Prime Minister Sanae Takaichi on Wednesday asked Fatih Birol, head of the International Energy Agency, to prepare for a possible additional coordinated release of global oil stockpiles as tensions in the Middle East threaten prolonged supply disruptions.
Takaichi made the request during a meeting with Birol while Japan continues emergency measures to cushion the impact of the conflict affecting oil flows from the region.
Earlier this month, the IEA and member countries agreed to release about 400 million barrels from strategic reserves to offset supply losses linked to the ongoing Iran-related conflict.
Birol said the coordinated release represents roughly 20% of the oil and petroleum product stocks held by consumer nations under the agency’s framework.
He noted the IEA is consulting governments in Asia and Europe on whether further releases may be needed if the disruption continues.
Takaichi said Japan wants to ensure adequate preparation should the crisis last longer than expected, stressing the importance of close cooperation with the IEA.
Tokyo has also announced plans to tap joint oil reserves held domestically in partnership with producing nations.
The move comes as the closure of the Strait of Hormuz continues to disrupt shipping routes and energy supplies from the Middle East.
According to Hitoshi Nagasawa, chairman of the Japan Shipowners’ Association, 45 Japan-related vessels remain stranded in the Gulf due to the ongoing situation.
The ships include vessels linked to Nippon Yusen Kabushiki Kaisha, one of the world’s largest shipping companies, highlighting the broader impact of the conflict on global trade and energy security.