Japan plans to release around 36 million barrels from its national oil reserves from early May, with contracts with refiners expected to be set by the end of April, a senior official at the Ministry of Economy, Trade and Industry (METI) said, reports Reuters.
Prime Minister Sanae Takaichi said last week that Japan plans to release 20 days’ worth of oil reserves from May to ensure stable domestic supply while seeking non-Middle East barrels as the ongoing US-Israel war with Iran disrupts global energy shipments.