"Japan will begin the biggest-ever release of oil from its strategic reserves this week, as the country braces for possible shortages caused by the US-Israel war on Iran."
"The release of state-owned reserves will begin on Thursday, with about 80 million barrels being provided to domestic refiners, equivalent to 45 days of domestic demand."
"Japan imports more than 90% of its crude oil from the Middle East, making it particularly vulnerable to the closure of the waterway."
"The government last week introduced subsidies for fuel products to cap gasoline prices at about 170 yen per litre, following a rise to a record 190.8 yen."
Japan is set to release 80 million barrels of oil from its strategic reserves, equivalent to 45 days of domestic demand, due to concerns over potential shortages linked to the US-Israel war on Iran. The government approved the release of 15 days' worth of private-sector reserves. Japan, heavily reliant on Middle Eastern oil, is vulnerable to disruptions in the Strait of Hormuz. Additionally, subsidies for fuel products have been introduced to cap rising gasoline prices, which recently reached a record high.
Read at www.theguardian.com
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