Japan: Efforts made to secure energy supply are insufficient

Takehiko Matsuo said that coordinated efforts?by government to boost energy supply in a?follow-up to?the U.S./Israeli war against?Iran are not enough to ease the market strain.

The International Energy Agency is releasing 400,000,000 barrels of oil to the market from its strategic stockpiles to try and bring down prices. Global oil futures have reached over $100 per barrel. Japan will contribute 80 million barrels, second highest behind the United States which will release 172 million barrels.

Asia is heavily dependent on trade via the Strait of Hormuz, and has been severely affected by its closure ever since the war began. Japan has urged companies to seek out alternative trade routes and stated that it was 'also interested in diversifying its energy supply by securing energy from the west coast in North America.

"Almost 80 percent of the natural gas that passes through the Strait of Hormuz goes to Asian countries." Matsuo said on Monday that Asian countries were severely affected by the blockade of 'Hormuz.

He said that Japan still has about three weeks' worth of gas left. (Reporting and writing by Georgina Mcartney, Houston; Liz Hampton; editing by Nia Williams).

(source: Reuters)