According to released information, the Japanese government has released approximately 8.5 million kiloliters of oil into the market to ensure stability in its energy supply. This amount is equivalent to the country's 30-day domestic demand. The oil supply will be gradually released from 11 storage facilities across the country until the end of April.
It is reported that the issue of energy security has come to the forefront this year against the backdrop of increasing tensions in the Middle East. The supply of oil from private sector reserves within the country began last week. Oil reserves stored in Japan from Kuwait, Saudi Arabia, and the United Arab Emirates have also been released, equivalent to the country's 6-day consumption.
Japanese Prime Minister Sanae Takaichi stated regarding the situation in the Strait of Hormuz, which is critical for global energy supply, that "Asian countries are facing serious difficulties." She emphasized the importance of energy security, drawing attention to the uncertainty of conflicts in the Middle East.
More than 90% of Japan's oil imports are sourced from the Middle East. Therefore, events in the region increase the country's concerns about its energy supply. Shunichi Kito, Chairman of the Petroleum Association of Japan, requested at a meeting with Ryosei Akazawa, Minister of Economy, Trade and Industry, in Tokyo, that more oil be released from state reserves in May.
Japan is considered one of the countries with the largest strategic oil reserves in the world, holding approximately 470 million barrels of oil reserves, equivalent to an average of 254 days of domestic consumption.