TOKYO: Japan will release another part of its strategic oil reserves from Thursday (March 26), Prime Minister Sanae Takaichi said Tuesday, after Tokyo began to tap stockpiles last week. Last Monday, Tokyo started the release of 15 days' worth of private-sector petroleum reserves. Japan depends on the Middle East for around 95 per cent of its oil imports. Its strategic oil reserves are among the world's largest and stood at more than 400 million barrels as of December. IEA members agreed on March 11 to tap oil stockpiles to cushion the surge in prices caused by the war in the Middle East -- by far the largest-ever response of its kind.

Source: The Star March 24, 2026 12:40 UTC