Japan begins to release of state oil reserves

Japan said it had started to release another part of its strategic oil reserves as it looks to temper the impact on the resource-poor nation from the surge in prices caused by the Middle East war. Japan is the fifth-biggest importer of oil, with more than 90 per cent of it from the Middle East. 'The release (of national stockpile) started at 10:59 am (0159 GMT) to oil refiners,' Kaname Morimoto, an official of the Ministry of Economy, Trade and Industry, said.
Top government spokesman Minoru Kihara said he was aware that the 'transfer of oil from half of the reserve stations to four oil refining companies is scheduled to start' on Thursday. The move comes after Tokyo said this week it would release a month's worth of government stockpiles, as officials started releasing 15 days' worth of private-sector petroleum reserves.
As of Wednesday, 45 Japan-related vessels were stuck in the Arabian Gulf, including 24 Japanese crew members, according to the transport ministry. Japanese Shipowners' Association president Hitoshi Nagasawa told reporters on Wednesday it was 'strongly asking the government' to help reopen passage through the Strait of Hormuz, JSA President Hitoshi Nagasawa told reporters.
The head of the International Energy Agency said on Wednesday that he was 'ready' to approve the release of more oil reserves if needed. Fatih Birol made the comments on a visit to Tokyo, where Japanese Prime Minister Sanae Takaichi asked the IEA to carry out an additional release 'in case the situation drags on'. — AFP