Japan to tap joint oil stockpiles, PM says, as supply crisis shows no ending

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Japan will tap joint oil stockpiles held by producing nations in the country by the end of March, Prime Minister Sanae Takaichi said, as Tokyo ramps up emergency measures to offset supply losses from the Middle East, reports Reuters.

“We began releasing privately held reserves on March 16 and will begin releasing national reserves from the 26th,” Takaichi said on social media.

“Furthermore, releases from jointly held stockpiles with oil-producing countries are also scheduled to begin later in March.”

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 supply, are jointly held in Japan by Saudi Arabia, the United Arab Emirates and Kuwait. Of those, Japan will use five days’ worth of supply, industry minister Ryosei Akazawa said.

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