Japan to release oil stocks as US says buy American
Source: Reuters
March 15, 2026 3:52 AM EDT Updated 4 hours ago
TOKYO, March 15 (Reuters) - Japan plans to start releasing oil from its stockpiles on Monday to soften the shock from the U.S.-Israeli war on Iran, a stark reminder of the oil crisis half a century ago that prompted Tokyo to create reserves.
As gasoline prices across Japan started to rise with the war disrupting supplies from the Gulf's Strait of Hormuz, Tokyo pledged to release a record 80 million barrels of oil, about 45 days of supply for the resource-poor nation.
The government has asked Japan's refiners to use the released crude, which will reduce the national reserves by 17%, to secure domestic supplies. It is not known how much of the oil will go to a global release of 400 million barrels being coordinated by the International Energy Agency to address the war's supply shock and price volatility.
RESERVES CAN STABILISE SUPPLY BUT 'MAINLY BUY TIME'
Japan's release shows how seriously Tokyo views the disruption, said Yuriy Humber, CEO of Tokyo-based consultancy Yuri Group. "The reserves can help stabilise supplies and prices in the short term but they mainly buy time. They can't fully offset a prolonged disruption in the Strait of Hormuz," he said.
Read more: https://www.reuters.com/business/energy/japan-release-oil-stocks-us-says-buy-american-2026-03-15/
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