Japan to release around 80 million barrels from emergency oil stocks

Japan plans to release around 80 million barrels from its private and national oil reserves, the Ministry of Economy, Trade and Industry said on Wednesday, to help calm global oil markets and prevent supply shortages caused by the Iran war.

Japan would suffer the greatest impact from the closure of the Strait of Hormuz - the route for about 70 percent of its oil imports, a METI official told a briefing, as Prime Minister Sanae Takaichi announced the reserves release from March 16, ahead of an expected broader release led by the International Energy Agency.

Should the IEA-led coordinated reserves release be agreed, Japan’s planned release would be part of that total, the official said.

Reuters