Japan will begin releasing oil from its joint stockpiles at the end of March, says PM

In a Tuesday post on the social media site X, Prime Minister Sanae Takayi announced that Japan will begin releasing 'oil from the joint stockpiles of producing 'nations held in a?country at the end of March.

Takaichi, in the X Post, said that the country would tap a month's worth from the state reserves starting Thursday.

According to the IEA, Japan's contribution to a record-breaking oil stockpile released by the International Energy Agency is expected to total 80 million barrels of crude oil.

Saudi Arabia, Kuwait, and the United Arab Emirates jointly hold 13 million barrels of oil, which is equivalent to seven days' worth of consumption. Tokyo has first priority in an emergency.

"We began releasing private reserves on March 16 and will start releasing national reserve from the 26th," Takaichi stated in the post.

The?releases of jointly held stockpiles by oil-producing nations are also expected to start later in March." (Reporting and editing by Christian Schmollinger; Kantaro Kommiya, Katya Gobikova)

(source: Reuters)