Japan to start releasing oil from joint stockpiles by end-March, Prime Minister says

Japan plans to start releasing oil from joint stockpiles held by producing nations in the country by the end of March, Prime Minister Sanae Takaichi said during a meeting with senior officials on Tuesday (March 24).

In response to the Iran war that has blocked oil and natural gas shipments from the Middle East producing region, Japan started releasing 15 days' worth of private-sector oil inventories last week and Takaichi said the country will tap a month's worth of crude from the state reserves from Thursday (March 26).

Japan's contribution to a record oil stockpile release coordinated by the International Energy Agency will total nearly 80 million barrels, consisting mainly of crude oil, according to the IEA.

In addition, some 13 million barrels, or a total of seven days of consumption, are jointly held in Japan by Saudi Arabia, the United Arab Emirates and Kuwait and Tokyo has priority access to that supply in case of emergencies.

Production: Joseph Campbell/Reuters