Takaichi, the PM of Japan, says that Japan will release an extra 20 days of oil reserves in May.
Sanae Takaichi, the Prime Minister of Japan, announced at a cabinet meeting held on Friday that Japan will release 20 days worth of oil reserves in May to ensure stable supply domestically while also searching for barrels from outside the Middle East as the conflict in this region disrupts global supplies.
Japan depends on the Middle East for 95% of its crude oil. On March 16, it began unilaterally and in coordination with other countries to release reserves to provide enough oil for 50 days. The 20-day supply is an additional amount.
Japan's reserves were sufficient to last 230 days, with 143 days of oil in the public stockpile.
Takaichi, without naming sources, said that by May Japan would be able secure more than half of its oil imports through routes other than the Strait of Hormuz.
The industry ministry said that routes from Ports of Yanbu in Saudi Arabia on the Red Sea coast, and Ports of Fujairah in the United Arab Emirates are two of the Middle East's most important ports.
Japan has also contacted other suppliers, including those in the U.S.A., Malaysia, Central Asia (such as Azerbaijan, Kazakhstan), Latin America (such as Brazil, Argentina and Ecuador), Colombia and Mexico, and Africa, such as Nigeria and Angola.
Takaichi stated that the 'government' has asked fuel suppliers to sell directly to sectors such as agriculture, healthcare, transportation, green tea producers and livestock. Reporting by Katya Glubkova, Kaori Kneko and Yoshifumi TAKEMO; Editing done by Chang-Ran kim and Christopher Cushing
(source: Reuters)
