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Japan starts releasing oil from its national reserves to market

This oil will be sold to wholesale companies at relatively low prices consistent with the level before the start of US and Israeli strikes on Iran

TOKYO, March 16. /TASS/. Japan has begun releasing part of its strategic oil reserves to the market due to the ongoing crisis in the Middle East, according to the government gazette.

Earlier, Japanese Prime Minister Sanae Takaichi announced that oil volumes sufficient for the country's needs for 45 days will be released to the market. Private reserves equivalent to 15 days of consumption will be released first. The plan is to start the release of state reserves amounting to one month of consumption under current conditions at the end of March. This oil will be sold to wholesale companies at relatively low prices consistent with the level before the start of US and Israeli strikes on Iran.

Japan has strategic oil reserves that can meet its needs for 254 days. They consist of reserves of the state and private companies totaling around 470 mln barrels.

On March 11, member countries of the International Energy Agency (IEA) agreed to release a record 400 mln barrels of oil from their emergency reserves to stabilize the market due to the escalating conflict in the Middle East.

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