Japan moves early on strategic oil release

AgenciesJapan began to release oil from its reserves Monday to alleviate supply concerns that have grown amid the US-Israel war with Iran and stabilize the distribution of...

Agencies

Japan began to release oil from its reserves Monday to alleviate supply concerns that have grown amid the US-Israel war with Iran and stabilize the distribution of petroleum products, taking the step ahead of a planned International Energy Agency-led move.

In its first oil release since 2022, when it joined an IEA coordinated effort following Russia’s full-scale invasion of Ukraine, Japan is initially freeing up 15 days’ worth of reserves held by the private sector, with a month’s worth of state-held oil to follow.