Japan Confirms Second Release of Strategic Oil Reserves Amid Middle East Crisis
Japanese Prime Minister Sanae Takaichi announced that Japan will release additional oil reserves starting in early May, marking the second time the nation has tapped into its strategic stockpiles since the US-Israel war on Iran began in February. This new release aims to secure roughly 20 days' worth of crude oil to prevent price spikes and ensure stable supply, following a previous major release of 50 days' worth last month. Japan remains heavily dependent on Middle Eastern oil imports, with 95% of its crude passing through the Strait of Hormuz. To mitigate risks associated with potential blockades, the government is diversifying import sources to include routes bypassing the strait, such as ports in Saudi Arabia and the UAE. Concurrently, domestic protests have surged against any potential military involvement in the conflict, with demonstrators urging adherence to Article 9 of the constitution. The decision comes amidst pressure from US President Donald Trump for Japan to contribute militarily, which the Prime Minister has so far rejected.
Wire timeline
Japan Confirms Second Release of Strategic Oil Reserves Amid Middle East Crisis
Japanese Prime Minister Sanae Takaichi announced that Japan will release additional oil reserves starting in early May, marking the second time the nation has tapped into its strategic stockpiles since the US-Israel war on Iran began in February. This new release aims to secure roughly 20 days' worth of crude oil to prevent price spikes and ensure stable supply, following a previous major release of 50 days' worth last month. Japan remains heavily dependent on Middle Eastern oil imports, with 95% of its crude passing through the Strait of Hormuz. To mitigate risks associated with potential blockades, the government is diversifying import sources to include routes bypassing the strait, such as ports in Saudi Arabia and the UAE. Concurrently, domestic protests have surged against any potential military involvement in the conflict, with demonstrators urging adherence to Article 9 of the constitution. The decision comes amidst pressure from US President Donald Trump for Japan to contribute militarily, which the Prime Minister has so far rejected.
The Guardian