'Japan To Release Part of Oil Reserves Ahead of IEA-Led Decision': PM Takaichi

Tokyo: Japan plans to release 15 days' worth of private-sector ​oil reserves and one month's worth of state ‌oil reserves, Prime Minister Sanae Takaichi said on Wednesday, ahead of the International Energy Agency-led action.

To avoid disruption to gasoline and other petroleum ​product supplies, Japan will tap its reserves in ​coordination with the G7 and the IEA but ⁠will begin releasing them from March 16, she said.

"Rather ​than wait for formal IEA approval of a coordinated international ​reserve release, Japan will act first to ease global energy market supply and demand, releasing reserves as early as the 16th ​of this month," Takaichi said in a broadcast statement.

Japan ​is dependent on the Middle East for around 95% of its oil ‌supplies.

On ⁠Wednesday, government and industry data showed that retail gasoline prices in Japan rose to their highest since December and refineries cut their runs last week, the first week ​of the U.S.-Israeli ​war with ⁠Iran.

"We will release 15 days of private sector reserves plus one month of national ​reserves, delivering them to domestic refiners as quickly ​as ⁠possible. We will also promptly utilise joint reserves held with oil-producing nations," Takaichi said.

Japan holds emergency oil reserves equivalent ⁠to ​254 days of consumption, comprising national ​stockpiles (146 days), private-sector reserves (101 days) and joint stockpiles with producing countries (7 days).

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