Japan begins releasing oil reserves after IEA call

Japan started releasing its strategic oil reserves on Monday, following an International Energy Agency (IEA) announcement that reserves would be tapped to counter rising prices from the Middle East war. The country, which imports 95% of its oil from the Middle East, is releasing 15 days' worth of private-sector reserves, with government stockpiles to follow. Japan's strategic reserves total over 400 million barrels, equivalent to 254 days of domestic consumption. The IEA confirmed 271.7 million barrels of government-managed reserves will be released globally, with Asia and Oceania seeing immediate releases starting March 11. This marks the largest coordinated oil release in history, aimed at stabilizing prices amid the conflict.

SOURCE: https://www.channelstv.com/2026/03/16/japan-begins-release-of-strategic-oil-reserves/