Japan plans to release 20 days' worth of oil reserves from May, Prime Minister Sanae Takaichi told a cabinet meeting on Friday, to ensure a stable domestic supply while searching for non-Middle East barrels as conflict in the region disrupts global supply.
Japan is dependent on the Middle East for some 95% of its oil. It began releasing reserves on March 16 unilaterally and in coordination with other nations under a plan to make available enough oil to last 50 days. The 20 days' worth is additional.
As of April 6, Japan had enough oil for 230 days in its reserves, including 143 days worth in its public stockpile.
By May, Japan should be able to secure more than half of its oil imports via routes that do not include the Strait of Hormuz, Takaichi said, without naming the sources.
Such routes in the Middle East include those from the Port of Yanbu on Saudi Arabia's Red Sea coast and Port of Fujairah in the United Arab Emirates.
Japan has also contacted suppliers in the US, Malaysia, Central Asia – such as in Azerbaijan and Kazakhstan –, Latin America – including Brazil, Argentina, Ecuador, Colombia and Mexico – and Africa such as in Nigeria and Angola.
The government has asked suppliers to sell fuel directly to sectors such as healthcare, transportation and agriculture, including green tea producers, livestock and fisheries, Takaichi said.
