Japan to release state oil stockpiles this week, 2nd time amid Mideast conflict

ISTANBUL

Japanese Prime Minister Sanae Takaichi said on Tuesday that Tokyo will start releasing oil from state reserves on Thursday, as concerns over supply disruptions escalate amid the ongoing US-Israeli war against Iran, local media reported.

The measure, aimed at cushioning the impact of the tensions in the Middle East on the Japanese economy, comes after Japan started releasing oil from private-sector stockpiles last week, Tokyo-based Kyodo News reported.

Joint oil reserves of oil-producing Middle Eastern nations currently stored in Japan will begin to be tapped by the end of this month, the premier said.

"The peace and stability of the Middle East are extremely important for Japan and the international community," she added.

Tokyo, she went on to say, will continue to "make all necessary diplomatic efforts in close coordination with related countries."

Takaichi said that during their summit in Washington last Thursday, she and US President Donald Trump affirmed the importance of ensuring stable energy supplies by securing safe navigation in the Strait of Hormuz, a key global oil transportation route, which has been effectively closed by Iran.

Hostilities in the region have escalated since the US and Israeli strikes on Iran began on Feb. 28.

Iran has retaliated with repeated drone and missile strikes targeting Israel and Gulf countries hosting US military assets.