The Japanese Prime Minister announced that oil reserves from the state stockpile will be released starting 26 Mar to support the economy and restore energy confidence amid escalating Middle East conflicts. She also coordinated with Donald Trump to ensure the security of global oil transport routes.
Prime Minister Sanae Takaichi stated today (24 Mar) that the Japanese government will begin releasing crude oil from its state reserves starting 26 Mar to address concerns over tightening energy supply amid the prolonged war involving the US, Israel, and Iran.
This measure was announced during a cabinet meeting to discuss ways to reduce the economic impact of Middle East tensions on Japan. The release from state reserves follows last week’s release of oil from private stockpiles in Japan.
Additionally, Prime Minister Takaichi said that joint oil reserves stored in Japan by Middle Eastern oil-producing countries will also begin to be used by the end of March. She emphasized that "peace and security in the Middle East are crucial to Japan and the global community," affirming that Tokyo will fully pursue diplomatic efforts with allied nations.
This move follows Prime Minister Takaichi’s meeting with President Donald Trump in Washington last Thursday, where both leaders jointly affirmed the importance of maintaining energy stability and securing safe navigation through the Strait of Hormuz, a strategic global oil shipping route.
Japan’s plan to release oil became clear on 11 March, when the country decided to release 15 days’ worth of private oil reserves starting 16 March, followed by one month’s worth of state reserves to alleviate the energy crisis before a coordinated release led by the International Energy Agency (IEA).