TOKYO — Japan plans to release 20 days’ worth of oil reserves from May, Prime Minister Sanae Takaichi said Friday, adding to the ongoing efforts that began in mid-March.
Takaichi revealed the plan at a ministerial meeting on the day to address the Middle East situation amid uncertainty over safe passage through the Strait of Hormuz despite the US-Iran ceasefire deal.
The Japanese government began releasing some 50 days’ worth of reserves to the market on March 16 to secure stable supplies after the outbreak of the Middle East conflict in late February left the key oil shipping route largely closed.
Although the United States and Iran have agreed on a two-week ceasefire, it remains uncertain whether shipping through the Strait of Hormuz can resume smoothly or return to pre-war operating conditions.
Takaichi told the media that “we will take every possible measure to ensure a stable supply of crude oil.”
By May, Japan should be able to secure more than half of its oil imports via routes that do not include the Strait of Hormuz, Takaichi said, without naming the sources.
Japan is dependent on the Middle East for more than 90 percent of its crude oil imports, most of which pass through the Strait of Hormuz.