Japan is considering a new release of about 20 days’ worth of oil reserves as early as May, Kyodo reported, amid uncertainty over the reopening of the Strait of Hormuz despite a US-Iran ceasefire, reports Reuters.

Japan, dependent on the Middle East for some 95 per cent of its oil supply, began releasing oil from its stockpiles on March 16 in coordination with other nations and on its own.

In total, Japan is making available about 50 days’ worth of oil consumption and has asked the International Energy Agency to consider a coordinated release of a second batch.

It now has enough oil for 230 days in its reserves.