Japan to start releasing oil from national reserves

Japanese Prime Minister Takaichi Sanae said the country is expected to start releasing oil from its national reserves on Thursday. Takaichi said Japan and the US confirmed the importance of calming the situation as soon as possible, ensuring safe passage in the Strait of Hormuz and securing a stable energy supply during her summit with US President Donald Trump.

She said in order to address the effects on the domestic economy, private oil companies have been releasing their reserves. She indicated that the release of oil stockpiles kept in Japan with the cooperation of oil producing countries will start later this month.