Japan Battles Oil Crunch: Strategic Reserves Released Amid Middle East Tensions

Japan is set to release an additional 20 days' worth of oil reserves in May, as announced by Prime Minister Sanae Takaichi. Aiming to maintain a steady domestic supply, the decision comes as the Middle East conflict affects global oil availability. Japan, which depends on the region for a vast majority of its oil, had already started releasing reserves on March 16 alongside international allies to cover a total of 50 days.

Current reserves in Japan are said to last 230 days, informed by Prime Minister Takaichi, with 143 days reserved in public stockpiles. By May, Japan aims to secure half of its oil imports from routes excluding the Strait of Hormuz, exploring new sources yet naming no specific ones.

In addition to potential Middle Eastern supplies via the Red Sea and UAE, Japan has reached out to oil suppliers in the U.S., Malaysia, Central Asia, Latin America, Nigeria, and Angola. The government is working to ensure that essential sectors such as healthcare and agriculture receive direct fuel supplies as part of these efforts.