Media: Japan plans to release 20 days' worth of oil from reserves

The Japanese government is considering releasing oil from its reserves equivalent to 20 days of consumption.

Report informs via Kyodo news agency that the release could take place as early as May this year.

In mid-March, Japan had already begun releasing reserves covering approximately 45 days of demand. The oil industry has urged the government to continue the process in May, amid concerns that a de facto blockade of the Strait of Hormuz could persist for some time.

Earlier, Japanese authorities concluded that, partly thanks to existing reserves, the country would be able to fully meet its domestic oil needs at least until the end of 2026.

Against the backdrop of escalating tensions around Iran and disruptions to shipping along its coast, the Japanese government has been seeking alternative sources of oil, as the country depends on the Middle East for about 95% of its imports, with a significant portion passing through the Strait of Hormuz.