Japan Releases 80 Million Barrels of Oil

Japan plans to release a record 80 million barrels of oil from its national stockpiles, equivalent to about 45 days of supply, starting March 16. This action is a direct response to rising gasoline prices and supply disruptions caused by the US-Israeli war on Iran, particularly affecting the Strait of Hormuz. The release, which will reduce Japan's national reserves by 17%, is part of a larger 400 million barrel global release coordinated by the International Energy Agency. The Japan===Ministry of Economy, Trade and Industry (METI) has asked Japanese refiners to utilize this crude to secure domestic supplies. Japan, which relies on the Middle East for approximately 90% of its oil, is also exploring alternative supply sources from the United States, Central Asia, South America, and other Gulf nations to bypass the Strait of Hormuz. This move echoes the oil crisis of half a century ago that prompted Japan to establish its oil reserve system in 1978.