Japan begins its largest-ever oil release from strategic reserves
Japan started the largest-ever release of oil from its strategic reserves on Monday, an 80 million-barrel effort as the Strait of Hormuz stays effectively closed amid the U.S.-Israeli war with Iran and crude oil prices continue to soar.The release — 15 days’ worth of domestic demand from mandatory private reserves and one month from national reserves — was the seventh ever conducted in the nation.The private reserve release is being carried out by lowering the required stockpile amount, from 70 days to 55 days, initially for one month. The government has also decided to transfer one month’s worth of national petroleum reserves for the time being, the Economy, Trade and Industry Ministry announced Monday.
