Japan's government begins releasing approximately 80 million barrels of oil reserves

The Japanese government plans to release oil reserves starting March 16 to ease the rising oil prices caused by tensions in the Middle East. The total release will be approximately 80 million barrels, enough to supply Japan’s needs for 45 days, making it the largest release since Japan established its national oil reserve system in 1978. Japan’s oil reserves include both private and national reserves. According to previous reports from the Japanese government, the combined total of national and private oil reserves can sustain 254 days. Since it takes time to transport national reserves from storage bases to refineries, the Japanese government has decided to first utilize private reserves. Due to blockages in the Strait of Hormuz, Japan, which heavily relies on Middle Eastern oil imports, has recently experienced a surge in gasoline prices. The Japanese government plans to resume providing price subsidies to oil wholesalers on the 19th to stabilize fuel prices. (CCTV News)