Japan confirms release of more oil reserves as concern over energy crisis grows

"Japan will release starting in early May the equivalent of roughly 20 days' worth of oil from the national reserves to ensure the stable supply of crude oil."

"Last month, Takaichi approved the release of 50 days' worth of oil, the government's biggest ever release, as the government attempted to head off a spike in prices."

"Japan imports 95% of its crude oil from the Middle East, most of which is transported through the strait of Hormuz, and is trying to secure oil from alternative locations."

"The government has asked domestic suppliers to prioritize sales of stockpiled fuel to certain sectors of the economy, including healthcare, transportation, and agriculture."

Japan plans to release approximately 20 days' worth of oil from its strategic reserves in early May to mitigate energy shortages caused by the Middle East crisis. This follows a previous release of 50 days' worth of oil, the largest in history, aimed at preventing price spikes. Japan relies heavily on Middle Eastern oil, importing 95% of its crude. The government is also exploring alternative oil sources and has requested domestic suppliers to prioritize fuel sales for critical sectors like healthcare and transportation.

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