Japan will release an additional 20 days’ worth of oil from its strategic reserves next month to ensure stable supply, responding to Middle East conflict.
TOKYO: Japan plans to release a further 20 days’ worth of oil from its strategic reserves as early as next month.
Prime Minister Sanae Takaichi announced the plan to ensure a stable supply of crude oil, public broadcaster NHK and other media reported.
The country first began tapping into its strategic oil reserves, which are among the world’s largest, last month.
The decision was made at a meeting held in response to the ongoing conflict in the Middle East.
Japan depends on the Middle East for around 95% of its oil imports.