Middle East Tensions: What Does the "254 Days" Oil Reserve Mean?
Due to the tense situation in Iran, the international community is concerned that factors such as the potential blockade of the Strait of Hormuz could lead to a disruption in oil supply. The Japanese government stated that its country's oil reserves are sufficient for 254 days, believing that there will be no problem with supply and demand in the short term.
However, in the medium to long term, concerns about rising oil prices and unstable supply have not been eliminated. For Japan, which is highly dependent on imported resources, the oil reserve system is the cornerstone of energy security.
The Japanese oil reserve system began in 1972 with private reserves; after the oil crisis, the "Oil Reserve Act" was enacted in 1975, stipulating that companies must reserve 90 days' worth of supplies. In 1978, the national reserve was launched, and after multiple adjustments, it finally formed a stable system that can guarantee more than 250 days of imports.
Looking back at the record of reserve releases, the first use was also triggered by Iran. In the autumn of 1978, changes in Iran's political situation led to a reduction in supply, and many companies found it difficult to maintain their reserve levels. Starting in March of the following year, Japan began to approve exemptions from reserve obligations based on the actual situations of enterprises.
Since then, Japan has repeatedly released oil reserves during the 1991 Gulf War, the 2011 East Japan earthquake, and the deterioration of the situation in Libya. During Russia's special military operation in Ukraine in 2022, Japan released its national reserves for the first time, an action that still lingers in people's memories.
Other related public information includes the "Target for Oil and Liquefied Petroleum Gas Reserves (Draft) for the 2025-2029 Period" published by the Japan Resource and Energy Agency, as well as regularly updated "Status of Oil Reserves," which contain more detailed content.
Oil reserves serve as a flexible "safety valve" to gain buffer time, but fundamentally, they are like savings—each use reduces them. Japan still relies on the Middle East for 90% of its oil imports. Facing the long-term instability of the situation in Iran, building a diversified response plan is urgent.
Original article: toutiao.com/article/1858627879981065/
Statement: This article represents the views of the author.