Japan weighs new release of about 20 days' worth of oil from reserves, Kyodo says

Japan is considering a new release of approximately 20 days' worth of oil from its national reserves as early as May, according to Kyodo. This decision stems from continued uncertainty over the reopening of the vital Strait of Hormuz, despite a recent US-Iran ceasefire agreement. Japan, which depends on the Middle East for about 95% of its oil, has already released 50 days' worth of oil since March 16 and still maintains 230 days' supply. The move aims to stabilize energy supply, as the Strait of Hormuz's closure has led to Japanese refineries cutting utilization rates and the country actively seeking non-Middle Eastern oil, rolling out subsidies, and increasing coal-fired generation to cope with an energy crisis and address supply imbalances.