Japan Plans Early Release of Oil Reserves as Middle East Tensions Push Prices Higher

International News | World news Posted on 2026-03-12 08:02:35

Japan is preparing to release part of its oil reserves as early as Monday in response to surging global crude prices, Prime Minister Sanae Takaichi said Wednesday.

Speaking to reporters at the prime minister’s residence in Tokyo, Takaichi warned that Japan’s oil supply could face disruptions as tankers are increasingly unable to pass through the Strait of Hormuz, a key route for global energy shipments.

“With oil tankers virtually unable to transit the Strait of Hormuz, imports into Japan may decline significantly later this month,” she said.

The prime minister noted that the government will proceed with the release without waiting for an international agreement on coordinated action among major economies.

Under the plan, Tokyo will release reserves equivalent to about 15 days of privately held oil stocks along with roughly one month’s worth of government reserves. Japan also intends to tap joint reserves it maintains with oil-producing nations. The move would mark the first time Japan releases oil reserves independently.

Takaichi said she has instructed Economy, Trade and Industry Minister Ryosei Akazawa to implement emergency steps aimed at keeping average retail gasoline prices nationwide at around 170 yen per liter or lower.

However, she acknowledged that prices could climb much higher if the situation worsens.

“We cannot rule out the possibility that gasoline prices could exceed 200 yen per liter,” Takaichi said.

The government plans to use a dedicated fund to support emergency measures that will also help stabilize prices for kerosene, gas oil, and fuel oil.

Takaichi added that developments in the Middle East remain uncertain and said the government would consider additional support if the crisis continues.

NPO News Team | PNA —  PR

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