The Japanese government is considering releasing 20 days of oil reserves from its reserves. According to the Kyodo news agency, this could happen in May.
In mid-March, the country began releasing reserves sufficient for approximately 45 days of needs. The oil industry called for this process to continue in May, fearing that the de facto blockade of the Strait of Hormuz could last for some time.
Japanese authorities had previously concluded that they would be able to fully satisfy the country's domestic oil needs, including through reserves, at least until the end of 2026.
With the escalation of tensions around Iran and disruptions to shipping along its coast, the Japanese government has become concerned about finding alternative sources of oil, as the country relies on imports from the Middle East for approximately 95%, with a significant portion of these supplies passing through the Strait of Hormuz.