Japan Begins Releasing Its Strategic Oil Reserves and Benefits from Gulf States’ Joint Stocks
Japanese Prime Minister Sanae Takaichi announced that Japan will begin releasing its strategic oil reserves starting March 26, also benefiting from joint reserves held by some oil-producing countries, with the aim of securing necessary oil supplies for national consumption.
Takaichi clarified that the joint reserve includes stocks from Saudi Arabia, the UAE, and Kuwait, noting that Japan started withdrawing private sector oil reserves for 15 days on March 16.
Japan relies on Gulf countries for approximately 95% of its oil imports, and its total strategic reserves exceed 400 million barrels, making it one of the largest globally.
This decision follows the approval of International Energy Agency members on March 11 to use oil reserves to mitigate price increases resulting from the American-Israeli war on Iran.
