Japan first G7 nation to announce release of oil reserves amid Gulf conflict
India Today
The move comes as global energy markets remain on edge due to escalating tensions linked to the conflict involving Iran, which has raised fears of disruptions to crude oil shipments from the Middle East.
Japan will release part of its oil reserves as early as March 16, Prime Minister Sanae Takaichi said on Wednesday, as governments move to stabilise energy markets amid rising geopolitical tensions.
Speaking in Tokyo, Takaichi said Japan plans to release 15 days’ worth of private-sector oil reserves and one month’s worth of state oil reserves to help ease supply concerns.
The move comes as global energy markets remain on edge due to escalating tensions linked to the conflict involving Iran, which has raised fears of disruptions to crude oil shipments from the Middle East.
Japan’s decision follows discussions among major energy-consuming nations on possible emergency measures to prevent supply shortages and curb volatility in oil prices.
Strategic oil reserves are maintained by governments to cushion economies from sudden disruptions in global oil supply, particularly during geopolitical crises or natural disasters that affect production and transportation.
The planned release is expected to inject additional oil into the market and help stabilise prices if supply flows from key producing regions are affected.
Sensex has declined over 6,000 points or roughly 7.5% in a little over two weeks as global tensions and rising oil prices triggered selling in equities.
Speaking in Parliament, Union Petroleum and Natural Gas Minister Hardeep Singh Puri said India has adequate fuel stocks, and there is no cause for concern over availability.
Industry sources told India Today TV that airline operators are now paying additional insurance charges for every aircraft flying into the Middle East, significantly increasing the cost of operations on these routes.
Under law, a domestic household is generally allowed to keep two LPG cylinders of 14.2 kg each at a time. This usually includes one cylinder connected for use and another spare cylinder kept as backup.
Early signals from GIFT Nifty suggest that the benchmark indices could open lower when trading begins. GIFT Nifty futures were trading at 23,784.50 at around 7:58 am. This indicates that the Nifty 50 may open below Wednesday's closing level of 23,866.85.
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The move comes as global energy markets remain on edge due to escalating tensions linked to the conflict involving Iran, which has raised fears of disruptions to crude oil shipments from the Middle East.
India consumes roughly 5.3 to 5.5 million barrels of crude oil every day. However, domestic production is only about 0.6 million barrels per day. This means the country depends on imports for nearly 85% of its oil needs.
At around 10:47 am, the BSE Sensex was down 750.68 points or 0.96% at 77,455.30, while the Nifty 50 slipped 208.25 points or 0.86% to 24,053.35.
Air India said the fuel surcharge is due to the sharp rise in aviation turbine fuel (ATF) prices since early March 2026, triggered by supply disruptions in the Gulf region.
Rahul Bhatia expressed gratitude to employees who worked tirelessly to restore operations during that challenging period, praising their resilience and dedication.
The Iran-US conflict has disrupted shipping through a key global oil export route, pushing oil prices higher. As a result, airline tickets on some routes have become much more expensive, and there are growing concerns that travel demand could weaken if the situation continues.