Japan plans to use the joint oil reserves held by oil-producing countries in Japan and its own national oil reserves by the end of March.
According to Reuters, Japanese Prime Minister Yoshihiko Noda posted on the X platform on Tuesday (March 24th) saying that in response to the disruption in the transportation of oil and gas in the Middle East due to the war in Iran, Japan has started to release private oil stocks equivalent to 15 days' usage. The government will also extract crude oil equivalent to one month's usage from the national reserves starting from March 26th.
Yoshihiko Noda said: "We have started to release private reserves on March 16th and will start to release national reserves from March 26th. In addition, the release of the oil reserves held jointly with oil-producing countries is also planned to begin in the third week of March."
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