While Iran maintains tight control over the Strait of Hormuz, the Japanese government will begin releasing state oil reserves on Thursday, enough for 30 days of consumption, reports CNN.
This is part of a broader plan to release up to 45 days in total—the largest ever—combined with additional releases from private sector reserves, aiming to minimize disruptions to the world’s fourth-largest economy.
Japan holds one of the world’s largest oil reserves, around 254 days of consumption in total, including government and private reserves. However, it still imports over 90% of its crude oil from the Middle East, leaving it vulnerable amid the U.S. and Israel’s tensions with Iran.
Although the government has so far avoided strict energy-saving measures, it has warned against panic buying of items like toilet paper amid supply concerns. Meanwhile, fuel prices have reached record levels of 190 yen ($1.20) per liter. To limit gasoline costs, Japan has introduced subsidies to keep prices around 170 yen ($1.07) per liter.
