Japan Starts Releasing Oil Reserves

Tokyo, March 16 (Jiji Press)--The Japanese government started releasing its oil reserves Monday to tackle the effective closure of the Strait of Hormuz by Iran in response to U.S.-Israeli strikes on Iran.

In its first such operation in four years, the government plans to release from the private reserves the amount equivalent to 15 days of domestic consumption from Monday. The government also plans to release 30 days' worth from the state reserves as early as late March.

The number of oil tankers arriving in Japan is expected to fall sharply by around Friday due to the strait closure. The government hopes that the release will help prevent supplies of oil-related products from being disrupted.

In its official gazette Monday, the government lowered the amount of oil reserves that oil refiners and other businesses are obliged to maintain to 55 days' worth from 70 days' worth.

As of the end of last year, the private-sector reserves totaled 101 days' worth. The oil is stored in tanks at domestic oil refineries.

[Copyright The Jiji Press, Ltd.]