Japan will tap joint oil stockpiles held by producing nations in the country by the end of March, Prime Minister Sanae Takaichi said on Tuesday, as Tokyo ramps up emergency measures to offset supply losses from the Middle East. The Strait of Hormuz, a key route for oil and liquefied natural gas shipments, remains closed. Of those, Japan will use five days' worth of supply, industry minister Ryosei Akazawa said. Another tanker from outside the Middle East is also heading to Japan, due to arrive in late April, Akazawa added. Tehran is ready to let Japanese-related ships pass through the Strait of Hormuz, Iranian Foreign Minister Abbas Araqchi told Kyodo news agency last week.

Source: The Telegraph March 24, 2026 07:21 UTC