Japan to release extra 20 days' worth of oil reserve from May

Japan plans to release an additional 20 days' worth of oil reserves starting in early May at the earliest, Prime Minister Sanae Takaichi said Friday, amid uncertainty over the reopening of the Strait of Hormuz despite the U.S.-Iran ceasefire deal, according to Kyodo.

The plan was revealed at a ministerial meeting to address the Middle East situation and will follow the nation's ongoing release of some 50 days' worth of oil to the market, which began in mid-March, from reserves held by the state, the private sector and oil-producing Gulf countries.

As Japan prepares for a potential prolonged disruption in crude oil supplies, Takaichi stated at the partially open meeting to media, "We will take every possible measure to ensure a stable supply of crude oil."

Takaichi also directed related ministers to clear logistical bottlenecks involving paint thinners for home construction and car repairs, as well as fuel oil used in the production of green tea.

Japan relies on the Middle East for more than 90 percent of its crude oil imports, most of which pass through the Strait of Hormuz, a key artery for global energy shipments which Iran effectively blocked after the launch of U.S.-Israeli strikes on Iran in late February.

Washington and Tehran agreed to a conditional two-week ceasefire on Tuesday, just before a deadline unilaterally set by U.S. President Donald Trump expired for Tehran to reopen the strait or face the destruction of its critical infrastructure.

However, it remains unclear whether Iran's blockade of the Strait of Hormuz will be lifted, as Israel has reportedly continued to attack the Iran-affiliated Hezbollah militant group in Lebanon even after the ceasefire deal was made.

Japan's first release of oil stockpiles, which began on March 16 following the outbreak of conflict in the Middle East, is the resource-poor country's largest ever. Operations are expected to end by the end of April.

Takaichi has said Japan can secure enough oil supplies to last until next year. She cited the government's efforts to diversify oil suppliers and shipping routes.