TOKYO, March 26 (Xinhua) -- Japan began releasing 30 days' worth of oil from state reserves on Thursday to cushion the impact of the Middle East conflict on its economy, as concerns over supply mount and oil prices soar, local media reported.
The move came after the country started drawing down 15 days' worth of oil from private-sector stockpiles last Monday.
The government plans to sell a total of about 8.5 million kiloliters of oil from 11 storage bases across the country, according to Kyodo News.
Japan will also begin to tap joint oil reserves held in the country by three Middle Eastern nations, including the United Arab Emirates, with five days' worth to be released by next Tuesday for supply to oil wholesalers.
Japan relies on the Middle East for more than 90 percent of its crude oil imports, leaving it highly vulnerable to the effective closure of the Strait of Hormuz following the outbreak of the Middle East conflict in late February. The disruption has driven sharp rises in both crude oil and retail gasoline prices in the country.
In addition to tapping oil reserves, the Japanese government also resumed gasoline subsidies to cap fuel costs for consumers. The measure has brought the average retail price for regular gasoline down to 177.7 yen (about 1.11 U.S. dollars) per liter from a record high of 190.8 yen last week, according to Kyodo News.
As of the end of 2025, Japan held an oil reserve equivalent to 254 days of domestic demand. ■
