Japan Releases Second Round of National Oil Reserves Amid Tensions in the Middle East

TOKYO (CNA) — Amid concerns over the stability of oil supply due to the worsening situation in the Middle East, Japan's Agency for Natural Resources and Energy began releasing its second round of national oil reserves today. A total of 5.8 million kiloliters, equivalent to about 20 days of Japan's domestic consumption, is expected to stabilize the oil supply.

According to Sankei Shimbun and Kyodo News, the Agency for Natural Resources and Energy stated that the Kashima Crude Oil Storage Facility of Kashima Oil in Ibaraki Prefecture was the first to release this batch of Japan's national oil reserves starting at 1 AM today. The Shibushi National Oil Reserve Base in Kagoshima Prefecture will also begin releasing reserves tomorrow.

These reserves will be sold to four major Japanese oil companies—ENEOS, Idemitsu Kosan, COSMO Oil, and Taiyo Oil—for a total of approximately 540 billion yen (about 110 billion New Taiwan Dollars).

Japan's first round of oil reserves released since March, including national reserves, private reserves, and joint reserves with oil-producing countries, totaled about 50 days of supply. Some storage bases are still releasing the first round of reserves.

As of April 28th, Japan's domestic oil reserves totaled 211 days of supply. (Edited by Yang Wei-ching) 1150501

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