Overview
- Tokyo will start releasing about 80 million barrels from national and private reserves on March 16 to cushion supply shocks from the Iran war.
- IEA members agreed to a coordinated release of 400 million barrels this week, with Japan’s share intended to stabilize its domestic market.
- METI said Japan will consider purchases of stranded Russian oil after a 30‑day U.S. sanctions waiver, assessing international dynamics and national interests.
- The government asked refiners to use crude from the release to secure domestic fuel supply, without limiting exports of surplus refined products.
- Industry Minister Ryosei Akazawa said European support for the joint stock draw reflects reciprocity, as Japan also seeks alternative crude from the U.S., Central Asia and South America given its heavy reliance on flows through the Strait of Hormuz.