Japan taps emergency oil reserves as Iran conflict disrupts global supply

TOKYO: Japan has commenced the release of oil from its private-sector reserves to bolster supply stability as the ongoing conflict with Iran continues to impede maritime traffic in the Middle East, NHK reported.

According to the broadcaster, the volume of fuel currently being released corresponds to "15 days of consumption." Industry data indicates that "oil-related companies in Japan hold reserves equivalent to 70 days."

In addition to these private stocks, the Japanese government maintains an independent emergency reserve and is "expected to release one month of supply later in March." Currently, Japan's total emergency petroleum reserves account for 254 days of national demand, composed of national stockpiles, private sector reserves, and joint stockpiles with producing nations.

This move follows a broader international effort by the International Energy Agency (IEA), which announced that nations across Asia Oceania will release 108.6 million barrels of oil "immediately." IEA Executive Director Fatih Birol confirmed that "unprecedented additional volumes of oil" are being introduced to the global market to mitigate the crisis.

However, Birol cautioned that while the release will assist supply, "opening the Strait of Hormuz is vital for a return to stable flows" as the maritime route remains a critical bottleneck for global energy security.

Amidst these energy concerns, diplomatic efforts to secure the waterway have intensified. Japanese Defence Minister Shinjiro Koizumi held discussions with US Secretary of War Pete Hegseth, reaffirming Tokyo's stance on the necessity of preserving peace and stability within the Strait of Hormuz.

During the conversation, Hegseth provided assurances that the conflict involving Iran would result in "no changes" to the deployment of American forces stationed in Japan. He also reiterated Washington's commitment to enhancing the "deterrence and response capabilities" of the bilateral alliance.

In response, Koizumi expressed Tokyo's firm intention to uphold "close communication" with the United States and other strategic partners. This exchange occurs as US President Donald Trump continues to press international allies to dispatch naval assets to ensure the Strait remains accessible for maritime traffic. (ANI)

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