TOKYO: Japan plans to release a further 20 days’ worth of oil reserves as early as next month, local media reported on Friday citing an announcement by prime minister Sanae Takaichi.
The country first began tapping into its strategic oil reserves, which are among the world’s largest, last month.
At a meeting held in response to the conflict in the Middle East, “Prime Minister Takaichi announced a plan to additionally release roughly 20 days’ worth of government-held national oil reserves starting early next month or later, in order to ensure the stable supply of crude oil,” public broadcaster NHK said.
Multiple other media reported the same announcement.
Japan depends on the Middle East for around 95% of its oil imports.