TOKYO - Japan began releasing its national oil reserves for the first time in about four years in response to escalating tensions in the Middle East, as concerns grow over potential supply shortages following disruptions in tanker traffic.
The first release took place at the Kikuma National Petroleum Stockpiling Base in Imabari, Ehime Prefecture, where crude oil stored in underground rock caverns was sent via pipeline to an adjacent refinery shortly after 11 a.m.
The move marks the first such release since crude prices surged following Russia’s invasion of Ukraine, with the latest decision driven by a sharp reduction in tankers arriving in Japan after Iran effectively blocked the Strait of Hormuz.
The government plans to expand the release starting March 27th to three additional sites, including the Shirashima base in Fukuoka Prefecture, with further releases to follow at facilities such as the Tomakomai-Tobu base in Hokkaido and the Shibushi base in Kagoshima Prefecture.
Combined with private-sector stockpile releases that began on March 16th, the total volume is expected to cover approximately 45 days of domestic demand.
An official at the Ministry of Economy, Trade and Industry said the goal is to ensure sufficient supply nationwide to maintain daily life and industrial activity, adding that all possible measures are being taken.
However, officials emphasized that the release is a temporary step aimed at preventing disruptions to logistics and industry, and is not intended to lower gasoline prices.
Prime Minister Sanae Takaichi said the government will take the lead in securing stable energy supplies, promoting resource diplomacy and supporting development in resource-rich countries to diversify supply sources.
Despite these efforts, Japan remains heavily dependent on Middle Eastern imports for more than 90 percent of its crude oil, and a government official acknowledged that relying solely on reserve releases would be insufficient if instability in the region persists.
Uncertainty continues to cloud Japan’s energy outlook as geopolitical risks remain elevated.
Source: TBS
