Japan prepares national oil reserve amid Iran crisis
Tokyo has reportedly instructed a national oil reserve facility to prepare for a possible release of crude oil due to disruptions in Middle Eastern supplies, a Japanese lawmaker said on Sunday. The move comes as tensions in Iran have affected global energy flows.
Japan relies on the Middle East for approximately 95% of its crude oil imports, with nearly 70% transported through the Strait of Hormuz, which has seen interruptions following recent U.S. and Israeli actions targeting Iran.
Lawmaker Akira Nagatsuma, from the Centrist Reform Alliance opposition party, indicated that the Shibushi National Petroleum Stockpiling Base received instructions from the Agency for Natural Resources and Energy to prepare for a potential release. Details such as timing and the quantity of crude remain unspecified. It is also unclear if other storage sites received similar directives.
Officials from the Japan Organization for Metals and Energy Security (JOGMEC) and the Ministry of Economy, Trade and Industry (METI) were unavailable for immediate comment. The situation underscores Japan’s reliance on Middle Eastern oil and the strategic importance of national reserves amid geopolitical tensions.
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