Japan Begins Releasing Strategic Oil Reserves Amid Middle East War

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Tokyo: Japan confirmed on Monday it has begun releasing oil from its strategic reserves following a coordinated agreement by the International Energy Agency (IEA) to ease rising global prices caused by the conflict in the Middle East.

An official notice published in the government gazette stated that the level of oil reserves in the country “is being lowered,” a move that legally requires reserve managers to release part of their stockpile to meet a revised standard.

Several Japanese media outlets interpreted the announcement as confirmation that the release had already begun.

Government spokesperson Minoru Kihara said Japan would initially release 15 days’ worth of petroleum reserves held by the private sector.

Japan holds one of the world’s largest strategic oil reserves, with more than 400 million barrels as of December, equivalent to about 254 days of domestic consumption, underscoring the country’s heavy reliance on imported energy.

Economy Minister Ryosei Akazawa said last week that private oil reserves would be released before government stockpiles, with plans to eventually release about one month’s worth of national reserves.

The IEA said a total of 271.7 million barrels of government-managed oil stocks will be released globally as part of the coordinated action.

According to the agency, reserves from member countries in Asia and Oceania will be made available immediately, while supplies from IEA members in the Americas and Europe will begin entering the market from the end of March.

The agreement, reached on March 11, marks the largest coordinated oil stockpile release in the IEA’s history.

Japan relies on the Middle East for around 95% of its oil imports, and the global release aims to stabilise energy markets disrupted by the ongoing regional conflict.