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Tokyo, March 24 (QNA) – Japan will start releasing oil from state reserves on Thursday, Prime Minister Sanae Takaichi said, after Tokyo started a similar operation last week.
Takaichi stated that Japan will begin releasing national reserves from Mar. 26th to ensure the necessary supply of petroleum products for the entire country.
Last week, Tokyo began withdrawing the equivalent of 15 days’ worth of oil reserves held by the private sector.
Japan relies on the Middle East for over 90% of its crude oil imports, most of which travel through the Strait of Hormuz. The strait has been effectively closed by Iran in the wake of the start of the conflict, triggering a surge in crude oil prices.
Members of the International Energy Agency agreed on Mar. 11 that Japan would begin freeing up reserves to mitigate price surges caused by the war in the Middle East. (QNA)
