Japan has begun releasing its strategic oil reserves following a directive from the International Energy Agency. The move aims to counter price surges caused by the Middle East war.
The government confirmed it is lowering reserve levels, with private-sector stockpiles being released first. Managers are now required to adjust inventories to meet revised national standards.
Minoru Kihara, chief government spokesman, stated Japan will release 15 days' worth of private petroleum reserves. Economy Minister Ryosei Akazawa previously indicated private stocks would be tapped before government ones.
Japan holds over 400 million barrels in strategic reserves-equivalent to 254 days of consumption. The country relies on the Middle East for 95% of its oil imports.
The IEA announced a historic coordinated release of 271.7 million barrels globally. Stock releases in Asia and Oceania began immediately, while Americas and Europe will follow by late March.