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Japan to start release of state oil reserve on Thursday to ease Iran impact

PressNewsAgency
By PressNewsAgency

The Japanese government said it will start releasing 30 days’ worth of state-held oil from Thursday to cushion the impact on the economy as concerns over supply mount and oil prices soar amid the ongoing US-Israeli war on Iran.

On Tuesday, the industry ministry announced that the government plans to sell a total of about 8.5 million kilolitres of oil from 11 storage bases across the country, following the private sector’s release of 15 days’ worth of oil stockpiles last week.

According to the ministry, Middle Eastern countries such as the United Arab Emirates will discharge five days’ worth of oil reserves in Japan by next Tuesday to provide to Japanese oil wholesalers.

The government will continue to “make all necessary diplomatic efforts in close coordination with related countries” and try to “minimise the impact on economic activities,” Prime Minister Sanae Takaichi said in the first meeting of Cabinet members in charge of measures to address the Middle East crisis.
Japan sources nearly all crude oil from overseas and relies on the Middle East for over 90 per cent of its crude oil imports.

02:56

Workers across Asia feel squeeze as fuel prices skyrocket

Workers across Asia feel squeeze as fuel prices skyrocket

Iran has effectively blocked the Strait of Hormuz, a vital waterway for the world’s energy supply, following the attacks by the US and Israel on Iran on February 28. The conflict sparked a surge in oil prices, while keeping the yen weaker against the US dollar, which is seen as a safe-haven currency.

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