Tokyo: Japan is preparing to release more oil from its reserves over the next 20 days. Japanese Prime Minister Sanae Takaichi announced at a cabinet meeting on Friday that Japan plans to release an additional 20 days' worth of crude oil from its strategic reserves, starting in May, to ensure sufficient domestic energy supply. This comes as the government accelerates efforts to find new energy sources outside the Middle East, following the escalating conflict in the region which has severely impacted global energy supply.
According to Thai News Agency, Japan currently relies heavily on imports of oil from the Middle East, accounting for approximately 95% of its total needs. The government began releasing oil reserves on March 16th, both unilaterally and in cooperation with international partners, as part of a plan to ensure sufficient oil supply for 50 days. This additional release, equivalent to 20 days of domestic use, is an extension of the original plan.
Data from April 6th shows that Japan had sufficient oil reserves for 230 days of operation, of which 143 days' worth were government-owned reserves. Ms. Takaichi, speaking on condition of anonymity, indicated that by May, Japan should be able to import more than half of its oil through routes that bypass the Strait of Hormuz. The Ministry of Industry stated that alternative routes in the Middle East include shipments from the port of Yanbu on Saudi Arabia's Red Sea coast and the port of Fujairah in the United Arab Emirates.
Japan has also accelerated coordination with oil producers in the United States, Malaysia, Central Asian countries such as Azerbaijan and Kazakhstan, as well as Latin American countries such as Brazil, Argentina, Ecuador, Colombia, and Mexico, and African countries such as Nigeria and Angola.
The Japanese leader added that the government had requested oil distributors to deliver fuel directly to urgently needed sectors such as medical services, transportation, and agriculture, which includes green tea producers, livestock, and fisheries.