Japan starts releasing oil from private-sector stockpiles

Japan on Monday started to release oil from private-sector stockpiles to stabilize supply. The move comes as the Iran conflict disrupts tanker traffic from the Middle East, which supplies most of Japan's oil. The fuel released amounts to 15 days of consumption.

Oil-related companies in Japan hold reserves equivalent to 70 days. The government has a separate stockpile and is expected to release one month of supply later in March. Japan's decision to tap stockpiles is in coordination with the International Energy Agency (IEA). IEA member nations agreed last week to release a record 410 million barrels of oil from reserves.