TOKYO – Prime Minister Sanae Takaichi announced Wednesday that Japan will unilaterally release 15 days of private-sector oil stocks and a full month’s national reserves starting March 16, preempting formal International Energy Agency coordination to stabilize fuel supplies.
The move aims to curb disruptions in petrol and petroleum amid the U.S.-Israeli war with Iran, as Japan sources 95 percent of its oil from the Middle East. Government and industry figures showed retail petrol prices hitting December highs on March 11, with refineries slashing runs in the conflict’s first week.
Takaichi, in a broadcast address, emphasized swift action over awaiting IEA sign-off: “We’ll deliver these reserves to domestic refiners rapidly, alongside joint stockpiles with producers, to balance global energy markets.” Japan boasts robust buffers, 254 days of consumption total, split as 146 days national, 101 days private, and seven days shared.