Japan Releases Additional Oil Reserves Amid Hormuz Uncertainty

Japan plans to release an additional 20 days' worth of oil reserves starting in early May, as announced by Prime Minister Sanae Takaichi. This decision comes amidst persistent uncertainty over the reopening of the Strait of Hormuz, a critical global energy artery, despite a conditional ceasefire between the United States and Iran. Japan, which relies on the Middle East for over 90% of its crude oil imports, had already begun releasing 50 days' worth of oil in mid-March. The Japan===Ministry of Economy, Trade and Industry is assessing this extra release as Japan seeks to ensure stable domestic energy supplies. The nation is actively exploring alternative oil sources from countries like the United States, Malaysia, Azerbaijan, Brazil, Nigeria, and Angola, and utilizing routes that bypass the Strait of Hormuz, such as those from Saudi Arabia and the United Arab Emirates. The International Energy Agency has also been involved in coordinated reserve releases.