On March 8, a senior member of Japan’s parliament announced that the government directed a national oil reserve storage facility to prepare for a potential release of crude oil. This decision comes amid disruptions in Middle Eastern supply chains due to the ongoing crisis involving Iran, from which Japan imports about 95% of its crude oil, with 70% passing through the crucial Strait of Hormuz.
Akira Nagatsuma, a member of the Centrist Reform Alliance, revealed that an official from Japan’s Organization for Metals and Energy Security (JOGMEC) indicated the directive was issued by the Agency for Natural Resources and Energy (ANRE). However, details regarding the timing of any release remain uncertain, and it is unclear whether other storage facilities received similar instructions.
Japan’s strategic oil reserves, among the largest globally, are equivalent to 254 days of domestic consumption and include government, private, and jointly held inventories. The last time Japan drew from these reserves was in 2022 in response to the coordinated release led by the International Energy Agency following Russia’s invasion of Ukraine.
Despite reports suggesting that Japan might utilize its reserves amid the Iran crisis, Industry Minister Ryosei Akazawa stated last week that there were no immediate plans for such actions, though the situation will be monitored closely in coordination with the IEA.
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