Japan considers releasing national oil stockpile, Kyodo reports
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TOKYO, March 6 : Japan is considering releasing its national oil reserves amid the ongoing Iran crisis that has disrupted global energy supplies, Kyodo news agency reported on Friday.
Japan relies on the Middle East for around 95 per cent of its oil supplies with around 70 per cent coming via the Strait of Hormuz, which is effectively closed due to the Iran war.
Tokyo holds emergency national reserves equivalent to around 146 days of consumption, while it also has private-sector stockpiles and joint stockpiles with oil-producing countries.
Officials earlier this week said Japan had no current plans to release its stockpiles.
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