Japan Prepares Oil Reserve Release Amid Middle East Crisis

Japan is preparing for a possible release of oil reserves as the Iran crisis disrupts supplies. The government has instructed a national storage site to get ready, due to the closure of the Strait of Hormuz. Details on the release timing are unclear, pending further developments.

Japan is taking steps to potentially release its strategic oil reserves in response to the ongoing Iran crisis that has significantly cut crude supplies from the Middle East. The government has directed a national oil storage site to prepare for such a move, reflecting Tokyo's heavy reliance on Middle Eastern oil supplies.

A senior member of Japan's Centrist Reform Alliance, Akira Nagatsuma, informed Reuters about the directive received by the Shibushi national oil storage base from the Agency for Natural Resources and Energy. However, specifics such as the timing of the release remain uncertain, as official channels have been tight-lipped.

Japan holds one of the world's largest emergency oil reserves, equivalent to 254 days of domestic consumption. The country's preparedness to release these reserves underscores its proactive stance amid geopolitical tensions that have closed crucial oil routes like the Strait of Hormuz.

(With inputs from agencies.)