Japan Taps Oil Reserves Amid Crisis

Japan to Release Oil Reserves Amid Middle East Crisis

• Japan will release crude oil from strategic reserves starting next Monday to address potential gasoline and petroleum price spikes.
• This marks the first unilateral use of government oil reserves since 1978, bypassing a coordinated International Energy Agency response.
• The release includes 15 days’ worth of private-sector reserves and one month’s supply from government stockpiles.
• Over 90% of Japan’s crude imports are from Persian Gulf producers, with disruptions expected due to Middle East tensions.
• Retail gasoline prices in Japan have increased to an average of 162 yen ($1.02) per liter, up from 155 yen mid-January.

Japan will tap into its oil reserves for the first time without international coordination, releasing supplies to mitigate rising gasoline prices amid Middle East conflicts. The decision reflects Japan’s heavy reliance on Persian Gulf oil imports, with current retail prices climbing significantly.