Japan’s Prime Minister Sanae Takaichi announced plans to release 20 days’ worth of oil reserves starting in May, as part of efforts initiated in mid-March. This decision was disclosed during a ministerial meeting addressing uncertainties in the Middle East, particularly regarding safe passage through the Strait of Hormuz despite the recent US-Iran ceasefire.
The Japanese government had earlier begun releasing around 50 days’ worth of reserves on March 16 to ensure stable oil supplies following disruptions caused by the Middle East conflict. While a temporary ceasefire has been agreed upon by the US and Iran, concerns persist over the resumption of smooth shipping through the Strait of Hormuz.
Takaichi emphasized the commitment to taking all necessary measures to maintain a steady crude oil supply. By May, Japan aims to secure over half of its oil imports through alternative routes that do not involve the Strait of Hormuz, although specific sources were not mentioned.
Japan, heavily reliant on the Middle East for more than 90% of its crude oil imports, faces challenges due to the majority of shipments passing through the Strait of Hormuz. The country’s efforts to diversify its import routes align with the goal of ensuring energy security amidst regional uncertainties.
In a recent development on April 8, Prime Minister Takaichi engaged in discussions with Iranian President Masoud Pezeshkian following the ceasefire agreement between Iran and the US. During the conversation, Takaichi urged Iran to facilitate safe passage for ships through the Strait of Hormuz, emphasizing the importance of de-escalation in the region.
