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. The government has established a panel of relevant Cabinet ministers on the situation in the Middle East and convened the first meeting on Tuesday.

The participants included Takaichi, Foreign Minister Motegi Toshimitsu and Economy, Trade and Industry Minister. Takaichi spoke about her summit with US President Donald Trump. She said they 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.

Takaichi said in order to address the effects on the domestic economy, private oil companies have been releasing their reserves, which they are required to have, since March 16. She disclosed that the release of the government’s national reserves will start on Thursday.