TOKYO, March 16 (Xinhua) -- Japan began releasing oil from its reserves Monday to ease supply concerns amid the escalating Middle East conflict and ensure stable distribution of petroleum products, local media reported.
The country is initially releasing 15 days' worth of reserves held by the private sector, with a month's worth of government-held oil to follow, according to Kyodo News.
The Japanese government will lower the mandatory reserve requirement for oil refiners and trading firms from 70 days to 55 days, enabling them to utilize part of their existing inventories.
Last Wednesday, Prime Minister Sanae Takaichi announced the government's plans to release about 80 million barrels of oil, the largest release ever. The amount equals 45 days of domestic consumption and is 1.8 times the volume released following the devastating earthquake and tsunami that rocked northeastern Japan in 2011, Kyodo News reported.
Preparations are underway to sell oil from government-held reserves to wholesalers.
This marks the seventh time Japan has drawn on its oil reserves since the system was introduced in the 1970s. As of the end of 2025, Japan held an oil reserve equivalent to 254 days of domestic demand.
Japan relies on the Middle East for more than 90 percent of its crude oil imports, making it highly vulnerable to the effective closure of the Strait of Hormuz following the outbreak of the Middle East conflict at the end of February. The disruption has driven sharp rises in crude oil prices in the country. ■