Japan to start releasing state oil reserves on March 26: PM Takaichi
The Straits Times
This comes as concerns over supply mount amid the ongoing US-Israel war with Iran. Read more at straitstimes.com.
TOKYO - Japan will start releasing oil from state reserves on March 26, Prime Minister Sanae Takaichi said on March 24, as concerns over supply mount amid the ongoing US-Israel war with Iran.
The measure, announced during a meeting of relevant Cabinet members to discuss ways to cushion the impact of the tensions in the Middle East on the Japanese economy, comes after Japan started releasing oil from private-sector stockpiles last week. ]
Ms Takaichi also said that joint oil reserves of oil-producing Middle Eastern nations currently stored in Japan will begin to be tapped by the end of March.
“The peace and stability of the Middle East are extremely important for Japan and the international community,” she said, adding that Tokyo will continue to “make all necessary diplomatic efforts in close coordination with related countries”.
Ms Takaichi said that she and US President Donald Trump affirmed the importance of ensuring stable energy supplies by securing safe navigation in the Strait of Hormuz, a key waterway for global oil transportation, during their summit in Washington on March 19. KYODO NEWS
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