The Japanese government is weighing the use of part of its national oil reserves due to supply disruptions from the Iran crisis. Kyodo News reported on Friday that the Strait of Hormuz is effectively closed, affecting imports. Officials plan to monitor the situation and possibly coordinate with other countries.
Japan depends on the Middle East for about 95% of its oil supplies, with roughly 70% passing through the Strait of Hormuz, now effectively closed due to the Iran war and disrupting global energy flows. Kyodo News reported on Friday, citing sources, that the government is considering releasing part of its national oil reserves.
The country maintains emergency national reserves equivalent to around 146 days of consumption, supplemented by private-sector stockpiles and joint reserves with oil-producing nations, totaling 254 days of imports—one of the world's largest stockpiles. Officials stated earlier this week that there were no plans to release reserves, but the evolving crisis has prompted a review.
Japan's industry ministry was not immediately available for comment on Friday. The government intends to monitor developments and assess whether to distribute portions of the nationwide stockpiles to domestic companies for supply stability. This includes studying the volume to release, potential coordination with other countries, or acting independently to mitigate shortages from the Hormuz blockage.
In a precedent, following Russia's 2022 invasion of Ukraine, Japan released some reserves in coordination with the International Energy Agency and other nations. Similar international efforts are under consideration now.
