Japan Considers Release of Additional Oil Reserves

(MENAFN) Japan is weighing the release of additional oil reserves equivalent to 20 days of domestic consumption in May, media reported Thursday, citing a source familiar with the matter.

The potential move comes as questions linger over safe navigation through the Strait of Hormuz, even after a conditional ceasefire was struck between Washington and Tehran. Whether the critical waterway will fully reopen — or revert to prewar operating conditions — remains unresolved, compounded by ongoing Israeli strikes in Lebanon that have breached preconditions for a permanent ceasefire.

Japan's Ministry of Economy, Trade and Industry is evaluating the supplementary release as Tokyo moves to lock in stable energy supplies for the world's third-largest economy.

The country launched its largest-ever drawdown of strategic stockpiles in mid-March, committing to inject roughly 80 million barrels into the market — the equivalent of approximately 50 days of national consumption — drawn from state-held inventories, private sector stocks, and reserves stored in oil-producing Gulf nations. Of that figure, state reserves covering 30 days of consumption are scheduled for release across 11 facilities by the close of April.

The stakes are considerable: Japan imports virtually all of its crude oil, with more than 90% sourced from the Middle East — making it acutely vulnerable to any disruption in Gulf energy flows.

Prime Minister Sanae Takaichi signaled backing last month for a potential additional coordinated release by the International Energy Agency (IEA), during a high-level meeting in Tokyo with IEA Executive Director Fatih Birol.

IEA member nations simultaneously began drawing down reserves in mid-March, with total coordinated volumes surpassing 400 million barrels — marking the alliance's first joint stockpile action since 2022, when Russia launched its full-scale invasion of Ukraine.

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