Japan confirms release of more oil reserves as concern over energy crisis grows

It will be the second time Japan, which is heavily dependent on Middle East oil, has dipped into its strategic reserves since Iran war began

Japan will release additional oil reserves early next month, the prime minister, Sanae Takaichi, said on Friday, as concern grows over energy shortages caused by the crisis in the Middle East.

It will be the second time that Japan, which is heavily dependent on Middle East oil, has dipped into its strategic reserves since the US-Israel war on Iran started in February.

Last month Takaichi approved the release of 50 days’ worth of oil – the government’s biggest ever release – as the government attempted to head off a spike in prices.

“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 ministerial meeting held to discuss the conflict.