Japan to release national oil reserves starting March 16
Japan will start releasing its national oil reserves from March 16. The move comes as part of a broader effort to stabilise global energy markets. Prime Minister Sanae Takaichi confirmed the decision this week.
The government plans to release one month's worth of state-held oil reserves. In addition, private-sector stockpiles equivalent to 15 days of consumption will be tapped. This combined effort aims to ease pressure on fuel supplies.
Japan had earlier signalled its support for a coordinated release of oil reserves through the International Energy Agency. The announcement also came ahead of a G7 meeting, where energy security was a key topic. Officials have not disclosed the exact total number of days covered by the release.
Prime Minister Takaichi's statement follows weeks of discussions on managing oil supply challenges. The decision aligns with international efforts to address rising fuel costs and potential shortages.
The release of both public and private oil reserves will begin on March 16. The government's action is expected to support market stability in the short term. Further details on the total volume of oil released may follow in the coming days.
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