Tokyo, April 24: Amid escalating tensions between the United States and Iran, the Japanese government has announced plans to release additional oil reserves starting May 1 for approximately 20 days. This decision comes as uncertainty looms over the reopening of the Strait of Hormuz, a crucial maritime corridor that facilitates nearly one-fifth of the world’s oil trade.
The crisis intensified following a significant attack by the U.S. and Israel on Iran on February 28, prompting Iran to retaliate, which has led to ongoing instability in the region.
According to Kyodo News, this move marks the first time Japan will tap into its reserves to stabilize energy supply since the outbreak of conflict in West Asia. The Japanese Ministry of Economy, Trade, and Industry indicated that this second release will yield 5.8 million kiloliters of oil, valued at approximately 540 billion yen (USD 3.4 billion).
Japan relies on West Asia for over 90% of its crude oil imports, with a significant portion transiting through the Strait of Hormuz.
On April 23, Japanese Prime Minister Sanae Takaichi spoke with Saudi Crown Prince Mohammed bin Salman, expressing condolences for the casualties resulting from Iranian attacks. She emphasized the need for a ceasefire and urged for the de-escalation of tensions to ensure safe navigation through the Strait.
A statement from the Prime Minister’s office highlighted Takaichi’s call for the U.S. and Iran to reach a final agreement through dialogue. She affirmed Japan’s support for diplomatic efforts by countries mediating between the two nations.
Despite the deteriorating situation, Takaichi praised Saudi Arabia for maintaining crude oil supplies to Japan via Yanbu Port and appealed for assistance in boosting Japan’s energy supply.
In response, Prince Mohammed expressed Saudi Arabia’s commitment to ensuring energy supply in the market, including cooperation with Japan to stabilize the situation and ensure safe navigation in the Strait of Hormuz.
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