TOKYO, March 11. /TASS/. Japan’s government has decided to unseal national strategic oil reserves and start crude supplies to the domestic market, Prime Minister Sanae Takaichi told reporters.
"We have decided that reserves will be released on March 16," she said. The measures will be taken until a coordinated decision is made by the International Energy Agency, taking into account the difficult situation with oil supplies due to the blockade of the Strait of Hormuz and the sharp rise in fuel prices in Japan for this reason, the head of the Japanese government explained. Private reserves in the amount of 15 days of consumption, as well as public reserves in the amount calculated for one month of consumption under current conditions, will be released in the first place, the premier added. For Japan, this is going to become the first release of oil from national reserves on its own initiative since 1978 when the country created such a mechanism.
Overall, Japan has strategic oil reserves that can meet its needs for 254 days.