Foreign media: Tokyo has instructed the national oil reserve base to prepare to release crude oil to cope with the Middle East supply disruption caused by the Iran crisis.
Japan relies on the Middle East for about 95% of its crude oil, with about 70% transported through the Strait of Hormuz, which has been effectively closed after the US and Israel attacked Iran. According to Koshimizu Akira, a member of the opposition party, on March 6, officials from the JOGMEC at the Shibusato National Oil Reserve Base received instructions from the Department of Natural Resources and Energy of the Ministry of Economy, Trade and Industry, but the details such as the release time are still unclear.
Japan has emergency oil reserves equivalent to 254 days of domestic consumption, which ranks among the largest in the world, including government reserves, private inventories, and reserves jointly held with oil-producing countries. Japan last used its reserves in 2022, in coordination with the International Energy Agency to respond to the Russia-Ukraine conflict.
Original text: toutiao.com/article/1859104757714120/
Statement: This article represents the views of the author alone.