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Japan Moves to Release Oil Stockpiles as Energy Crisis Deepens
Japan will tap national reserves from March 26 and provide subsidies to stabilize fuel prices amid supply disruptions caused by Middle East conflict, officials said.
- On Tuesday, Japanese Prime Minister Takaichi Sanae announced the government will begin releasing oil from its national reserves this Thursday to help address domestic economic effects from Middle East tensions.
- Following her summit with President Donald Trump, Takaichi stressed that ensuring safe navigation through the Strait of Hormuz is critically important for stable energy supplies.
- Since March 16, private oil companies have been releasing their own required reserves to address economic effects, a measure the government now supplements with national stocks.
- Chief Cabinet Secretary Minoru Kihara chaired a meeting where Takaichi instructed Industry Minister Ryosei Akazawa to draft comprehensive measures ensuring stable petroleum and naphtha supplies.
- Electricity and gas prices will not rise immediately, Takaichi noted, as officials continue monitoring global supply situations and stockpile volumes to maintain stability across industrial sectors.
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Japan Is Said to Sound Out Market on Oil Futures Intervention
(Bloomberg) — Japan’s Finance Ministry is said to have made inquiries with market participants on possible intervention in the crude oil futures market, in an apparent attempt to ease pressure on the commodity and currency.
·Canada
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Coverage Details
Total News Sources28
Leaning Left1Leaning Right6Center5Last UpdatedBias Distribution50% Right
Bias Distribution
- 50% of the sources lean Right
50% Right
C 42%
R 50%
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