Japan will start pumping from its oil reserves

Japanese Prime Minister Sanae Takaichi announced that Japan will begin using its strategic oil reserves again starting Thursday, after Tokyo conducted a similar operation last week.

Takaichi said in a post on the “X” platform today: “In order to secure the necessary amount of petroleum products for all of Japan…we will use the national reserve as of March 26.”

Last week, Tokyo began withdrawing the equivalent of oil reserves held by the private sector for 15 days.

Japan depends on the Middle East for about 95% of its oil imports.

Its strategic oil reserves are among the largest in the world, reaching more than 400 million barrels as of December.

On March 11, members of the International Energy Agency agreed to use oil stocks to mitigate rising prices caused by the war in the Middle East.