Japan has announced plans to release another portion of its strategic oil reserves starting Thursday, as part of efforts to stabilise supply and address rising global energy concerns.
Prime Minister Sanae Takaichi made the disclosure on Tuesday, stating that the government would release state oil reserves from March 26 to ensure adequate supply across the country.
“In order to secure ‘the necessary amount for the whole of Japan’… we will release the state (oil) reserve from 26th March,” she said in a post on X.
She further revealed that Japan would also tap into joint oil reserves held within the country by producing nations before the end of March.
According to the Petroleum Association of Japan, these joint reserves are maintained by key oil producers including Saudi Arabia, the United Arab Emirates, and Kuwait.
The latest move follows an earlier decision by Tokyo on March 16 to begin releasing 15 days’ worth of private-sector petroleum reserves. Takaichi had also previously announced plans to release a month’s worth of government stockpiles.
Japan remains heavily dependent on Middle Eastern oil, with about 95 per cent of its imports sourced from the region. Its strategic oil reserves are among the largest globally, standing at over 400 million barrels as of December.
The decision aligns with broader international efforts led by the International Energy Agency, whose members agreed on March 11 to release oil stockpiles in response to price surges triggered by the ongoing conflict in the Middle East.
The coordinated action marks one of the largest collective releases of oil reserves in history, aimed at cushioning the impact of supply disruptions on global markets.
