Japan to Tap Strategic Oil Reserves
“In light of the current situation in the Middle East, we are making every effort to procure crude oil through routes that do not pass through the Strait of Hormuz,” the ministry said in a statement.
Officials in Tokyo anticipate that by May, more than half of the country’s crude oil imports will come from alternative supply routes, marking a significant increase compared with last year’s levels.
“As a result of the progress in alternative procurement, we are able to secure the supply of oil beyond the end of the year while keeping the amount of stockpile release to a minimum,” the ministry added.
The ministry also confirmed that the upcoming release will be carried out under Article 31 of the Petroleum Stockpiling Law, as part of ongoing measures to maintain stable oil availability.
In total, about 5.8 million kiloliters of crude oil will be drawn from national reserves, with an estimated market value of approximately 540 billion yen, or roughly $3.38 billion.
Legal Disclaimer:
MENAFN provides the
information “as is” without warranty of any kind. We do not accept
any responsibility or liability for the accuracy, content, images,
videos, licenses, completeness, legality, or reliability of the information
contained in this article. If you have any complaints or copyright
issues related to this article, kindly contact the provider above.
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
