Japan decides to release its national oil reserves independently

Japanese Prime Minister Sanae Takaichi announced on the 11th that the Japanese government may begin releasing the national oil reserves on the 16th. This will be the first time Japan has independently released its national oil reserves since the establishment of the country’s oil reserve system in 1978. It is understood that over 90% of Japan’s crude oil imports come from the Middle East, most of which are transported through the Strait of Hormuz. Due to the worsening situation in the Middle East, it is expected that the number of oil tankers arriving in Japan will decrease, prompting Japan to decide to release its oil reserves independently. Usually, countries coordinate reserve releases under the framework of the International Energy Agency (IEA), and Japan has not previously released its oil reserves independently. (CCTV News)