TOKYO, March 9 (Xinhua) -- The Japanese government has instructed its national oil reserve storage sites to prepare for a possible release of crude oil, as the U.S.-Israeli attack on Iran has cut supply from the Middle East, local media reported Monday.
The Ministry of Economy, Trade and Industry (METI) has issued directives to 10 national oil stockpiles managed by the Japan Energy and Metals National Corporation, asking them to make all necessary preparations in case the government decides to release its strategic reserves, according to Kyodo News and the Nikkei newspaper.
Meanwhile, Japan's Chief Cabinet Secretary Minoru Kihara told reporters on Monday that "no decision had been made" regarding the release of the country's oil reserves, in response to several media reports indicating that the government is preparing such a move.
However, the Nikkei quoted a ministry official as saying that relevant parties are "steadily advancing preparations" to ensure that any government decision could be implemented immediately.
Japan holds an oil reserve equivalent to 254 days of domestic demand, offering a sizable buffer against supply disruptions as the Strait of Hormuz has been effectively closed following U.S. and Israeli attacks on Iran, the Nikkei said. ■