Japan has begun releasing crude from its emergency reserves in response to the global energy market disruptions caused by the escalating conflict involving Iran, the United States and Israel.
The decision was confirmed on Monday through a notice published in the government’s official gazette.
Prime Minister Sanae Takaichi had earlier announced plans to release 80 million barrels of oil from the country’s strategic reserves amid concerns about possible supply disruptions linked to Iran’s threats to shipping in the Strait of Hormuz.
The announcement came shortly before the International Energy Agency (IEA) disclosed that its member countries would collectively release a record 400 million barrels from emergency stockpiles in an effort to stabilise global oil markets.
Despite these efforts, crude prices have remained volatile, frequently climbing above $100 per barrel as traders continue to assess the risk of extended disruptions along the key maritime route.
Authorities in Tokyo also indicated that Japan does not intend to deploy naval forces to the strait, following calls by U.S. President Donald Trump for international support to reopen the waterway.
Meanwhile, Brent crude, the main global oil benchmark, rose by about 3 percent on Sunday before easing slightly the next day.
As of 05:45 GMT, Brent was trading at $104.85 per barrel, representing an increase of more than 40 percent since the conflict began on February 28.
Japan is among the world’s largest oil importers and relies on foreign fossil fuel supplies for roughly 80 percent of its energy requirements.
However, the country maintains substantial strategic reserves capable of meeting approximately 254 days of domestic demand.
another one..should have a simple headline
Japan Releases Emergency Oil Reserves
Japan has started releasing oil from its emergency reserves following disruptions in global energy supply linked to the ongoing conflict involving Iran, the United States and Israel.
The move was announced in a notice published on Monday in the government’s official gazette.
Prime Minister Sanae Takaichi had earlier revealed plans to release 80 million barrels of oil from the country’s stockpiles amid concerns about possible supply disruptions after Iran threatened shipping activities in the Strait of Hormuz.
The decision came shortly before the International Energy Agency (IEA) announced that its member countries would jointly release a record 400 million barrels from emergency reserves in an effort to stabilise global oil markets.
Despite these efforts, oil prices have remained volatile, with crude trading above $100 per barrel several times over the past week as markets react to the risk of prolonged disruption in the key shipping corridor.
Meanwhile, Brent crude, the benchmark for global oil prices, rose by about 3 percent on Sunday before easing slightly the following day.
As of 05:45 GMT, Brent was trading at $104.85 per barrel, representing an increase of more than 40 percent since the conflict began on February 28.
Japan relies heavily on imported fossil fuels, which account for about 80 percent of its energy needs.
However, the country maintains one of the world’s largest strategic oil reserves, enough to meet approximately 254 days of domestic consumption.