Tokyo, April 25 (QNA) - Japan's government plans to release additional volumes from its national oil reserves starting May 1, as part of efforts to stabilize energy supplies amid ongoing geopolitical tensions.
According to Kyodo News, the government had already begun releasing stockpiled oil last month following concerns over supply stability triggered by the effective closure of the Strait of Hormuz. The move is aimed at securing alternative sources and mitigating potential disruptions.
Tokyo previously announced the release of reserves sufficient to cover 30 days of domestic consumption from late March. This will be followed by an additional release equivalent to 20 days of consumption beginning in early May, with implementation scheduled to start on May 1.
The total volume of crude oil to be released is estimated at 5.8 million kiloliters, stored across 10 facilities nationwide. The oil will be sold to four major wholesalers under optional contracts valued at approximately 540 billion yen (around $3.4 billion). It will then be refined into gasoline and other petroleum products for supply to the domestic market.
In a related development, the government said a shipment of US crude oil -- secured through alternative procurement measures amid rising tensions linked to Iran -- is expected to arrive in Japan for the first time on Sunday. (QNA)