Japan has started releasing another portion of its strategic oil reserves in an effort to cushion the impact of rising global prices triggered by the war involving Iran, an official said.
Kaname Morimoto of the Ministry of Economy, Trade and Industry said the release of national stockpiles to oil refiners began at 10:59am (01:59 GMT).
The move follows Tokyo’s earlier decision to release government reserves equivalent to one month of supply, alongside an additional 15 days’ worth of petroleum from private-sector reserves.
Japan, the world’s fifth-largest oil importer, relies on the Middle East for over 90 percent of its crude supply.
Chief Cabinet Secretary Minoru Kihara said the transfer of oil from part of the reserve facilities to four refining companies was scheduled to begin on Thursday.
From Al Jazeera
