Japan may be preparing to release crude oil from its national reserves as tensions in the Middle East threaten global energy supplies and raise concerns over key shipping routes used by Asian economies. In fact, the country holds the world’s third-largest strategic petroleum reserve, after China and the US.
A senior Japanese lawmaker said the government has instructed at least one national oil storage facility to prepare for a possible release, according to Reuters.
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Akira Nagatsuma of the opposition Centrist Reform Alliance said officials at the Shibushi national oil storage base were told to get ready for a potential release. An official from the Japan Organisation for Metals and Energy Security (JOGMEC) reportedly said the instruction came from the Agency for Natural Resources and Energy.
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