Japan, dependent on the Middle East for some 95% of its oil supply, began releasing oil from its stockpiles on March 16 in coordination with other nations and on its own.

In total, Japan is making available about 50 days’ worth of oil consumption and has asked the International Energy Agency to consider a coordinated release of a second batch.

It now has enough oil for 230 days in its reserves.

On Tuesday, US President Donald Trump agreed to a two-week ceasefire with Iran on condition that Tehran reopened the Strait of Hormuz, but the vital waterway that normally carries about 20% of the world’s oil supply remains largely shut.

As a resumption of safe navigation in the Strait of Hormuz is uncertain, an additional release of oil is under consideration to stabilise supply, Kyodo quoted an unnamed official as saying.

Asked about the report, Narumi Hosokawa, deputy director-general for immediate crisis management at the Ministry of Economy, Trade and Industry, told reporters the ministry continues to examine the situation.

With less crude oil available, Japanese refineries cut utilisation rates to 67.7% of designed capacity in the week to April 4, the lowest since June.

To help cope with the energy supply crisis, Japan has started searching for non-Middle Eastern barrels, rolled out gasoline subsidies and stepped up coal-fired generation to reduce the need for liquefied natural gas supplies, which have also been cut due to the closure of the Strait of Hormuz.

While Japan has secured enough crude oil and naphtha for the country as a whole, there are supply imbalances and distribution bottlenecks in some areas, a METI document released on Thursday said.