TOKYO: Japan plans to release 20 days' worth of oil reserves from May, Prime Minister Sanae Takaichi said Friday, adding to the ongoing efforts that began in mid-March.
Takaichi revealed the plan at a ministerial meeting on the day to address the Middle East situation amid uncertainty over safe passage through the Strait of Hormuz despite the US-Iran ceasefire deal.
The Japanese government began releasing some 50 days' worth of reserves to the market on March 16 to secure stable supplies after the outbreak of the Middle East conflict in late February left the key oil shipping route largely closed.
Although the United States and Iran have agreed on a two-week ceasefire, it remains uncertain whether shipping through the Strait of Hormuz can resume smoothly or return to pre-war operating conditions.
Takaichi told the media that "we will take every possible measure to ensure a stable supply of crude oil."
By May, Japan should be able to secure more than half of its oil imports via routes that do not include the Strait of Hormuz, Takaichi said, without naming the sources.
Japan is dependent on the Middle East for more than 90 per cent of its crude oil imports, most of which pass through the Strait of Hormuz, Xinhua news agency reported.
Earlier on April 8, Sanae Takaichi talked with Iranian President Masoud Pezeshkian after a two-week ceasefire deal was reached between Iran and the United States, urging Iran to swiftly secure safe passage for ships of all nations through the Strait of Hormuz.
Takaichi told reporters after the 25-minute call that she had conveyed to the Iranian leader the importance of an early de-escalation in the Middle East conflict, and that the two sides agreed to keep in communication.