Japanese official: Japan plans to release about 36 million barrels of national oil reserves starting from early May

Golden Ten Data, April 15—A senior official from Japan’s Ministry of Economy, Trade and Industry said on Wednesday that Japan plans to release around 36 million barrels of national oil reserves starting from early May, with contracts with refineries expected to be finalized by the end of April. Last week, Japanese Prime Minister Sanae Takaichi stated that Japan intends to tap into 20 days’ worth of oil reserves from May in order to ensure stable domestic supply. At the same time, Japan is also seeking oil resources outside the Middle East, as ongoing conflict between the United States, Israel, and Iran has disrupted global energy transportation. On March 16, Japan began unilaterally releasing oil reserves and acted in coordination with other countries, preparing according to plan a sufficient amount to cover 50 days of oil reserves; this newly announced 20 days' release is in addition to that amount. Japan’s daily oil demand stands at around 1.8 million barrels.