Japan will begin releasing an additional portion of its strategic oil reserves from Thursday, while also planning to tap into joint stockpiles held by oil-producing nations in the country by the end of March, Prime Minister Sanae Takaichi said on Tuesday.
“To secure sufficient supply for the entire nation, we will release state oil reserves starting 26 March,” Takaichi said in a post on X.
She added that releases from joint reserves held by foreign oil producers are also expected to begin this month.
The announcement follows Tokyo’s earlier decision to release 15 days’ worth of private-sector petroleum reserves last week. Takaichi had also previously confirmed that government stockpiles equivalent to one month’s consumption would be made available.
Japan relies on the Middle East for around 95 per cent of its oil imports. Its strategic reserves are among the largest globally, totalling over 400 million barrels as of December.
The country also holds a joint reserve in collaboration with Saudi Arabia, the United Arab Emirates, and Kuwait, according to the Petroleum Association of Japan. Normally used commercially, this crude is available for preferential purchase by Japanese companies in emergencies.
Economy Minister Ryosei Akazawa said Japan is also pursuing oil supplies from Saudi and UAE ports via routes that bypass the Strait of Hormuz, alongside expanding imports from the United States.
The release aligns with a decision by the International Energy Agency on 11 March, under which member countries agreed to tap stockpiles to ease rising prices caused by the ongoing Middle East conflict - the largest coordinated oil release in IEA history.
