Prime Minister Sanae Takaichi said officials will release an extra 20 days’ worth of oil reserves from next month.
The country began tapping its stockpiles, the world’s largest, in March as the government looked to temper a spike in prices caused by the hit to supply from the Middle East conflict.
“To ensure the stable supply of crude oil, we will release starting in early May the equivalent of roughly 20 days’ worth (of oil) from the national reserves,” she said at a meeting held yesterday in response to the conflict.
It will be the second release from the state oil reserves, while it has also tapped 15 days worth of private-sector petroleum stockpiles.
Japan depends on the Middle East for around 95% of its oil imports. A joint reserve is held in the country by Saudi Arabia, the United Arab Emirates and Kuwait, according to the Petroleum Association of Japan. — AFP
