Japan moves to stabilize oil supply with reserve release

Shafaq News- Tokyo

Japan began releasing state-held oil reserves to stabilize
domestic supply as the US-Israeli war with Iran disrupts energy flows through
the Strait of Hormuz, Japan Today reported on Thursday, citing the Japanese
government.

The government said it will release oil equivalent to 30
days of domestic demand, or about 8.5 million kiloliters, with the drawdown
expected to continue until the end of April. The move follows a separate
release of 15 days’ worth of reserves held by the private sector that began
last week.

According to Japan’s Kyodo agency, Tokyo relies on the
Middle East for more than 90% of its crude imports, raising concerns over
supply shortages after Iran effectively blocked the Strait of Hormuz, a key
global energy transit route, following the escalation that began on February
28.