Japan begins 1st release of state oil reserves in 4 years

This is the first such release since the previous one in response to Russia's attack on Ukraine in 2022.

This time, about 8.5 million kiloliters, equivalent to 30 days of domestic consumption, will be released from oil reserve bases across the country.

On Thursday, crude oil was transferred from the Kikuma national petroleum stockpiling base in the western city of Imabari, Ehime Prefecture, to a nearby oil refinery operated by Taiyo Oil Co. via pipeline.

The government has already been releasing 15 days' worth of oil from private-sector reserves since March 16.

Additionally, the release of five days' worth of oil from reserves jointly managed by Japan and oil-producing countries, such as Saudi Arabia, will begin as early as later this month.

Japan's crude oil imports, over 90 pct of which come from the Middle East, have started to decrease amid the effective blockade of the Strait of Hormuz following U.S.-Israeli attacks on Iran.