Japan Launches Release of Record Oil Reserves

Xinhua News Agency, Tokyo, March 16 (Reporter Li Shimeng, Zhang Hui) — The Japanese government announced on the 16th that it will release its oil reserves, totaling approximately 80 million barrels, equivalent to about 45 days of domestic oil consumption, setting a new record high.

This release will be carried out in a phased manner, with private inventories being released first and national reserves following. Japan’s Petroleum Stockpiling Law requires companies to maintain oil reserves and stipulates their stock levels.

On the 16th, the Japanese government issued a notice stating that it will reduce the mandatory reserve obligation for companies from 70 days of consumption to 55 days, allowing companies to use reserves equivalent to 15 days of consumption for market supply. Based on this, the government plans to release about one month’s worth of national reserves starting from late March.

According to data from Japan’s Ministry of Economy, Trade and Industry, by the end of 2025, Japan’s total domestic oil reserves will be equivalent to 254 days of consumption, with national reserves accounting for 146 days, private reserves for 101 days, and joint reserves from oil-producing countries for 7 days.