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Japan Taps Strategic Oil Stocks Again as Mideast Conflict Disrupts Supply
(MENAFN) Japan on Thursday begins releasing a second tranche of its strategic oil reserves as tensions in the Middle East continue to affect global energy flows.
Roughly 90% of Japan’s energy imports originate from Gulf nations and pass through the Strait of Hormuz, a critical shipping corridor now under increased strain following recent US and Israeli airstrikes on Iran.
Tokyo is freeing reserves equivalent to approximately 30 days of domestic demand — around 8.5 million kiloliters — with the release expected to finish by the end of April, according to reports.
This follows an earlier move last week to release private-sector reserves covering about 15 days of demand.
Meanwhile, Iran indicated it would permit continued passage through the Strait of Hormuz for what it called “friendly nations,” including China, Russia, India, Iraq, and Pakistan. The statement, attributed to Foreign Minister Abbas Araghchi, was shared by Iran’s diplomatic mission in Mumbai on a US social media platform.
Roughly 90% of Japan’s energy imports originate from Gulf nations and pass through the Strait of Hormuz, a critical shipping corridor now under increased strain following recent US and Israeli airstrikes on Iran.
Tokyo is freeing reserves equivalent to approximately 30 days of domestic demand — around 8.5 million kiloliters — with the release expected to finish by the end of April, according to reports.
This follows an earlier move last week to release private-sector reserves covering about 15 days of demand.
Meanwhile, Iran indicated it would permit continued passage through the Strait of Hormuz for what it called “friendly nations,” including China, Russia, India, Iraq, and Pakistan. The statement, attributed to Foreign Minister Abbas Araghchi, was shared by Iran’s diplomatic mission in Mumbai on a US social media platform.
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