Japan starts release of oil from reserves as war snarls flows – Bloomberg

Amidst the closure of the Strait of Hormuz due to the ongoing war in the Middle East involving the United States (US), Israel, and Iran, Japan has started releasing oil from its energy reserves.

The Japanese government said in a statement posted in the official gazette on Monday that it will start lowering the country’s strategic holdings from March 16 to April 15. There will be a temporary formula for calculating the required volume, the government added.

Tokyo had already announced that it will release oil from its reserves in an attempt to ease surging gasoline prices across Japan.

In the official gazette, the government has stated that it will lower the amount of oil reserves that oil refiners and other businesses are obliged to maintain to 55 days’ worth from 70 days’ worth.

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