Japan to begin releasing strategic oil reserves

Read a summary of this article on FAST.
Get bite-sized news via a new
cards interface. Give it a try.
Click here to return to FAST Tap here to return to FAST
FAST

TOKYO: Japan said on Monday (Mar 16) it was beginning the release of its strategic oil reserves after the International Energy Agency indicated earlier that the release would begin in Asia and Oceania before other regions.

IEA members agreed on Mar 11 to tap oil stockpiles to cushion the surge in prices caused by the war in the Middle East - by far the largest-ever response of its kind.

Japan, which depends on the Middle East for 95 per cent of its oil imports, said Monday in a notice in its official government gazette that the level of oil reserves in the country "is being lowered".

The issuance of the notice compels managers of oil reserves to release part of their stockpile to meet the new standard.

CNA Games

Guess Word
Crack the word, one row at a time

Buzzword
Create words using the given letters

Mini Sudoku
Tiny puzzle, mighty brain teaser

Mini Crossword
Small grid, big challenge

Word Search
Spot as many words as you can
Show More
Show Less

Many Japanese media interpreted the notice as confirmation the release had already begun.

Minoru Kihara, top spokesman for the government, said Monday the country would release 15 days' worth of private-sector petroleum reserves.

Japan's strategic oil reserves are among the world's largest and stood at more than 400 million barrels as of December.

The country holds reserves equivalent to 254 days of domestic consumption.

Ryosei Akazawa, the minister of economy, trade and industry, said on Friday that private oil reserves would be released before government stockpiles.

Takaichi said last week that the country planned to release one month's worth of national reserves.

The IEA said earlier a total 271.7 million barrels of government-managed stocks would be released worldwide.

"Individual implementation plans have been submitted to the IEA by Member countries. These plans indicate that stocks will be made available by IEA Member countries in Asia Oceania immediately," said the IEA.

"Stocks from IEA Member countries in the Americas and Europe will be made available starting from the end of March," it added.

Newsletter

Week in Review

Subscribe to our Chief Editor’s Week in Review

Our chief editor shares analysis and picks of the week's biggest news every Saturday.

Newsletter

Morning Brief

Subscribe to CNA’s Morning Brief

An automated curation of our top stories to start your day.

Sign up for our newsletters

Get our pick of top stories and thought-provoking articles in your inbox

Subscribe here

Get the CNA app

Stay updated with notifications for breaking news and our best stories

Download here

Get WhatsApp alerts

Join our channel for the top reads for the day on your preferred chat app

Join here