Japan has begun releasing another portion of its strategic oil reserves in an effort to cushion the impact of rising prices triggered by the ongoing war involving Iran, an official told AFP.
Kaname Morimoto, an official at the Ministry of Economy, Trade and Industry, confirmed the move, saying, “The release [of the national stockpile] started at 10:59 am [01:59 GMT] to oil refiners.”
The latest step follows Tokyo’s earlier announcement to release the equivalent of one month’s government-held reserves. Authorities have also initiated the release of 15 days’ worth of petroleum stocks held by the private sector, reports Al Jazeera.
Japan, the world’s fifth-largest oil importer, relies heavily on the Middle East for its energy needs, with over 90 percent of its oil sourced from the region.
Top government spokesman Minoru Kihara said he was aware that the “transfer of oil from half of the reserve stations to four oil refining companies is scheduled to start” today.
