Japan Starts Release of Oil From Reserves as War Snarls Flows

Japan started releasing oil from the nation’s reserves, as the war in the Middle East threatens the energy security of importers.Author of the article:You can save this article by registering for free here. Or sign-in if you have an account.(Bloomberg) — Japan started releasing oil from the nation’s reserves, as the war in the Middle East threatens the energy security of importers.Subscribe now to read the latest news in your city and across Canada.Subscribe now to read the latest news in your city and across Canada.Create an account or sign in to continue with your reading experience.Create an account or sign in to continue with your reading experience.The amount of crude refiners must keep in reserve — which forms part of the country’s strategic holdings — will be lowered from March 16 to April 15, the government said in a statement posted in the official gazette on Monday. There will be a temporary formula for calculating the required volume, it said.The global oil market has been pitched into turmoil by the war between the US, Israel and Iran, with the conflict prompting the near-total closure of the Strait of Hormuz, a critical trade route for cargoes from the Persian Gulf. Japan relies heavily on the Middle East for its oil-import needs, with almost 96% coming from the region in 2024, according to the Petroleum Association of Japan.Prime Minister Sanae Takaichi said last week Japan would release 80 million barrels to stabilize the economy. The premier said the government would go ahead with the move unilaterally, ahead of a wider agreement from International Energy Agency members for a record 400-million-barrel release.Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againInterested in more newsletters? Browse here.Japan would sell oil from its national reserves at prices based on levels before the start of the war, Minister of Economy, Trade and Industry Ryosei Akazawa said last Friday. He left open the possibility that surplus products made from the crude could be shipped overseas if local demand wasn’t strong enough.US President Donald Trump has said he hoped countries including Japan, China, South Korea, France, and the UK would send ships to join an effort to reopen Hormuz. Still, Japan’s Defense Minister Shinjiro Koizumi told parliament on Monday that the nation currently had no plans to do so.Postmedia is committed to maintaining a lively but civil forum for discussion. Please keep comments relevant and respectful. Comments may take up to an hour to appear on the site. You will receive an email if there is a reply to your comment, an update to a thread you follow or if a user you follow comments. Visit our Community Guidelines for more information.365 Bloor Street East, Toronto, Ontario, M4W 3L4© 2026 Financial Post, a division of Postmedia Network Inc. All rights reserved. Unauthorized distribution, transmission or republication strictly prohibited.This website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.You can manage saved articles in your account.and save up to 100 articles!You can manage your saved articles in your account and clicking the X located at the bottom right of the article.