Japan to release additional 20 days’ of oil reserves from May 1
Tokyo, April 24 (IANS/WISHAVWARTA) Amid growing uncertainty over the reopening of the Strait of Hormuz, the Japanese government has announced that it will begin releasing additional oil reserves worth around 20 days from May 1, local media reported on Friday.
Tensions continue in and around Strait of Hormuz, the narrow maritime corridor linking the Persian Gulf to the Arabian Sea, through which about one-fifth of global oil trade passes, ever since the conflict erupted in West Asia.
The Japanese government’s decision comes after the initial release of some 50 days’ worth of oil from reserves held by the state and others to stabilise the energy supply in Japan after the conflict erupted in West Asia, Japan’s Kyodo News agency reported.
According to Japan’s Ministry of Economy, Trade and Industry, the second release will free up 5.8 million kilolitres worth 540 billion yen (USD 3.4 billion).
Japan relies on West Asia for over 90 per cent of its crude oil imports, majority of which passes through the Strait of Hormuz.
On April 23, Japanese Prime Minister Sanae Takaichi held a telephonic conversation with Saudi Arabia’s Crown Prince Mohammed bin Salman bin Abdulaziz Al-Saud and expressed sympathy with Saudi Arabia over human and material damage caused by attacks from Iran. She conveyed Japan’s stance that ceasefire should be maintained and called for de-escalation of the situation, ensuring the safety of navigation through the Strait of Hormuz, is steadily achieved as soon as possible.
Takaichi called it important that the US and Iran reach a final agreement through talks, according to the statement released by Japanese Prime Minister’s Office. Takaichi stated that Japan has supported the talks between the United States and Iran as well as the diplomatic efforts of the mediating countries.
Takaichi expressed her appreciation for Saudi Arabia’s continued supply of crude oil to Japan via Yanbu Port even after the outbreak of the situation and requested cooperation toward the expansion of energy supply to Japan.
“In response, H.R.H. Prince Mohammed expressed Saudi Arabia’s intention to respond positively in order to ensure energy supply to markets including Japan. He also stated that Saudi Arabia would continue to cooperate with Japan to stabilize the situation, including ensuring safe navigation in the Strait of Hormuz,” Japan Prime Minister’s Office stated in a release.
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