Shafaq News- Tokyo
Japan began releasing state-held oil reserves to stabilizedomestic supply as the US-Israeli war with Iran disrupts energy flows throughthe Strait of Hormuz, Japan Today reported on Thursday, citing the Japanesegovernment.
The government said it will release oil equivalent to 30days of domestic demand, or about 8.5 million kiloliters, with the drawdownexpected to continue until the end of April. The move follows a separaterelease of 15 days’ worth of reserves held by the private sector that beganlast week.
According to Japan’s Kyodo agency, Tokyo relies on theMiddle East for more than 90% of its crude imports, raising concerns oversupply shortages after Iran effectively blocked the Strait of Hormuz, a keyglobal energy transit route, following the escalation that began on February28.
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