Post #5894

🇯🇵Japan Eyes Extra Oil Reserve Release in May Japan's industry ministry is weighing an additional release of oil reserves equivalent to 20 days of domestic consumption in May, citing continued uncertainty over passage through the Strait of Hormuz following a conditional two-week US-Iran ceasefire. The strait has remained largely closed since US and Israeli forces launched attacks on Iran on February 28. The government began its largest-ever oil stockpile discharge in mid-March, targeting a total release of around 80 million barrels — roughly 50 days of consumption — from state, private-sector, and Gulf country reserves. Of that total, state-held oil covering 30 days is set to be released from 11 domestic bases by the end of April. Japan imports nearly all of its crude oil, with over 90 percent sourced from the Middle East. Prime Minister Sanae Takaichi has expressed support for a possible additional coordinated release by the 32-member International Energy Agency, which began its own reserve discharge in mid-March totaling over 400 million barrels. #Japan @asianomics