Japan begins release of oil reserves as Iran war sparks energy crisis
Al Jazeera
Tokyo’s move comes as oil prices remain elevated amid the effective closure of the Strait of Hormuz.
Japan has begun releasing oil from its emergency reserves amid the global energy crisis sparked by the effective closure of the Strait of Hormuz by Iran in response to US-Israeli attacks.
The release was announced on Monday in a notice published in the Japanese government’s official gazette.
Japanese Prime Minister Sanae Takaichi last week announced plans to unilaterally release 80 million barrels of oil from stockpiles amid supply concerns due to Iran’s threats against shipping in the strait.
Takaichi announced the move shortly before the International Energy Agency (IEA) said it would coordinate the release of a record 400 million barrels to help cushion the market from the widening fallout of the United States and Israel’s war with Iran.
Despite the announcement by the Paris-based IEA, oil prices have repeatedly jumped above $100 a barrel during the past week as traders weigh the prospect of prolonged disruption to the critical waterway.
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