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Japan Weighs Releasing More Oil Reserves as Hormuz Risks Persist
Japan may add 20 days of oil reserves as refineries run at 67.7% capacity and supply bottlenecks persist, Kyodo News reported.
- Japan is considering an additional release of oil reserves providing 20 days of domestic consumption in May, Kyodo News reported on Thursday, amid uncertainty over safe passage through the Strait of Hormuz despite the U.S.-Iran ceasefire.
- Dependent on the Middle East for 95% of supply, Japan began releasing oil from its stockpiles on March 16 in coordination with other nations to mitigate energy disruptions from Hormuz transit uncertainty.
- Maritime intelligence firm Windward reported Wednesday that coordination with Iranian armed forces remains required for all transits, noting the strait is in a "supervised pause" with undefined legal conditions and toll arrangements.
- Japanese refineries cut utilization rates to 67.7 per cent of designed capacity in the week to April 4, marking the lowest operational level since June amid reduced crude availability.
- Ministry of Economy, Trade and Industry official Narumi Hosokawa said the ministry continues to examine the situation, as Japan currently maintains enough oil for 230 days in its reserves.
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Japan plans to release extra 20 days' oil reserves from May
Japan plans to release 20 days' worth of oil reserves from May, Prime Minister Sanae Takaichi told a cabinet meeting on Friday, to ensure a stable domestic supply while searching for non-Middle East barrels as conflict in the region disrupts global supply.
·Beijing, China
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Coverage Details
Total News Sources16
Leaning Left1Leaning Right3Center5Last UpdatedBias Distribution56% Center
Bias Distribution
- 56% of the sources are Center
56% Center
11%
C 56%
R 33%
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