Japan releases more oil reserves

Japan announced its intention to release additional quantities of reserves Oilequivalent to 20 days’ consumption, starting early next May, in a second step aimed at confronting the uncertainty about global supplies.

Japanese Prime Minister, Sanae Takaishi, said: "The new release will come after a similar step implemented last month as part of the government’s efforts to enhance the stability of the energy market"

Securing oil imports

Takaishi confirmed that her government is working to secure oil imports through alternative routes, as part of Japan’s efforts to diversify sources of supply and enhance energy security.

Last March, Japan began releasing reserves equivalent to about 50 days of consumption.

According to data from the Japanese Natural Resources and Energy Agency, the country’s total oil reserves as of April 6 were sufficient to cover 230 days, including 143 days of government stocks.

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