Japan Taps Oil Reserves Amid Middle East Tensions

Japan releases oil from private reserves to stabilize supply as Iran conflict disrupts Middle Eastern maritime traffic. The government plans further release in March, aligning with IEA's global efforts. Diplomatic talks intensify to ensure safety of the Strait of Hormuz, with U.S. reaffirming defense commitments.

Japan has begun releasing oil from its private-sector reserves to ensure supply stability, as tensions with Iran disrupt maritime traffic in the Middle East, NHK reported. The current release accounts for about 15 days of consumption, amidst a backdrop of industry data showing reserves equating to 70 days of supply.

Besides these private reserves, the Japanese government will release an additional month's supply in March. Japan's emergency petroleum reserves now cover 254 days of national demand, comprising national stockpiles, private sector reserves, and collaborations with oil-producing countries. This initiative aligns with the International Energy Agency's (IEA) effort to release 108.6 million barrels of oil globally.

IEA Executive Director Fatih Birol emphasized the importance of reopening the Strait of Hormuz to restore stable oil flows. Amid energy concerns, diplomatic efforts are mounting. Japanese Defence Minister Shinjiro Koizumi discussed security with U.S. Secretary of War Pete Hegseth, who assured that American military deployment in Japan remains unchanged amidst the crisis.

In their talks, Hegseth confirmed Washington's commitment to strengthening the bilateral alliance. Koizumi reiterated Japan's intent to maintain close communication with the U.S. and its allies. Meanwhile, U.S. President Donald Trump has urged international partners to send naval forces to secure the Strait of Hormuz.

Despite these calls, some allies, such as Australia, have refrained from deploying naval forces. Cabinet Minister Catherine King stated no warships would be sent, and in Japan, Prime Minister Sanae Takaichi echoed similar sentiments, indicating no current plans for military involvement and ongoing evaluation of options.

Other nations remain undecided, with South Korea awaiting a detailed review before any action, while Britain's Prime Minister Keir Starmer engages in discussions with leaders, including Trump and Canadian Prime Minister Mark Carney, about addressing global shipping disruptions. While President Trump insists on international involvement, particularly highlighting China's stake in the Strait, no definitive commitments have yet emerged.

(With inputs from agencies.)