Japan has commenced the release of its strategic petroleum reserves, acting on the International Energy Agency’s (IEA) coordinated plan to stabilise global oil markets amid price surges triggered by the war in the Middle East. The move marks the implementation of the largest collective release of emergency stocks in history, agreed upon by IEA members on March 11.
The IEA specified that releases would begin immediately in Asia and Oceania, with stocks from the Americas and Europe following from late March. Japan, which sources approximately 95 percent of its oil imports from the Middle East, is a key player in this initial phase. The government formally notified the commencement in its official gazette on Monday, stating that the level of national oil reserves “is being lowered.” This directive compels reserve managers to supply part of their stockpile under a revised standard, a step interpreted by Japanese media as confirmation that releases have already started.
Government spokesperson Minoru Kihara confirmed that 15 days’ worth of private-sector petroleum reserves would be released. Separately, Economy, Trade and Industry Minister Ryosei Akazawa indicated that private stockpiles would be accessed before government-controlled reserves. Takaichi, another government official, had previously stated a plan to release one month’s worth of national reserves. Japan’s total strategic reserves exceed 400 million barrels, equivalent to about 254 days of domestic consumption, positioning them among the world’s largest.
The IEA reiterated that individual implementation plans submitted by member countries confirm the phased approach. “Stocks will be made available by IEA Member countries in Asia Oceania immediately,” the agency said, contrasting with the scheduled start in other regions. The coordinated action aims to cushion the global economy from supply disruptions and heightened volatility following the conflict.
This release underscores Japan’s critical vulnerability to Middle Eastern supply chains and the international community’s unified response to an unprecedented energy security challenge. The immediate focus remains on the smooth disbursement of reserves across the initial regions, with market observers monitoring the impact on prices and supply balances in the coming weeks.
