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Japan to release oil reserves as early as Monday: PM
Japan will release 15 days of private and one month of national oil reserves to ease fuel supply pressures amid Middle East war disruptions, holding reserves for 254 days of consumption.
- On March 11, Prime Minister Sanae Takaichi announced Japan will begin releasing strategic oil reserves as early as March 16, saying 'Without waiting for a formal decision on coordinated international stock releases with the IEA...', Takaichi told reporters.
- Amid the US-Israeli war with Iran, Japan's heavy reliance on Middle East oil—around 95—per cent of supplies—means shocks threaten domestic prices and supply stability, Takaichi warned.
- Japan's stockpile data show emergency oil reserves equal 254 days of consumption, with national stockpiles , private-sector reserves , joint stockpiles , and over 400 million barrels total.
- To protect domestic supplies, Takaichi said Tokyo will act quickly to avoid petrol disruptions, aiming for an average gasoline price around 170 yen per litre while coordinating with the G-7 and IEA.
- Japan's crude import outlook shows expected decreases starting late this month as many tankers cannot pass the Strait of Hormuz, and Takaichi will meet Donald Trump next week.
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Japan to release oil reserves as early as Monday (March 16): PM
TOKYO: Japan will release strategic oil reserves as early as Monday (March 16), Prime Minister Sanae Takaichi said, a unilateral move by the import-dependent Asian economy to ease concerns over rising fuel prices due to the Middle East war.
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Coverage Details
Total News Sources18
Leaning Left3Leaning Right5Center3Last UpdatedBias Distribution46% Right
Bias Distribution
- 46% of the sources lean Right
46% Right
L 27%
C 27%
R 46%
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