Japan will release strategic oil reserves, starting a global operation coordinated by the International Energy Agency, but will not consider sending warships to the Strait of Hormuz, as Donald Trump has requested.
The 32 member countries of the International Energy Agency (IEA) decided on Wednesday to release 400 million barrels of oil to cushion the steep rise in prices caused by the war in Iran.
This is the largest release of reserves ever decided by the institution, created more than 50 years ago.
The agency had said on Sunday that the reserves of countries in Asia and Oceania would be defrosted “immediately” while those of the Americas and Europe would be “at the end of March”.
Japan, very dependent on oil from the war-torn region, confirmed today that it would resort – from today – to its strategic reserves.
The Government reduced the level of mandatory private reserves of crude oil and petroleum products, which implies the release of a volume corresponding to 15 days of national consumption.
Last week, the Japanese Prime Minister, Sanae Takaichi, expressed her intention to also release ‘stock’ from State reserves, representing one month of consumption. This could happen at the end of March.
In December, Japan’s strategic oil reserves, state and private, amounted to more than 400 million barrels, representing 254 days of national consumption.
“Imports of crude oil to Japan are expected to register a significant drop from the end of March, while a situation persists in which oil tankers are, in practice, unable to cross the Strait of Hormuz”, said Japanese Government spokesman Minoru Kihara today.
Around 95% of Japan’s crude imports come from the Middle East and 70% transited the Strait of Hormuz before the conflict.
“To ensure that no disruptions jeopardize the supply of petroleum products such as gasoline, we decided that Japan would take the initiative to draw on national strategic reserves, in coordination with G7 nations and the IEA,” Kihara added.
In total, the IEA records commitments “at this stage” relating to 172.2 million barrels from North American reserves, around 110 million from Asia-Oceania (of which 66.8 million from state reserves and 41.8 million from industrial reserves) and a similar number from Europe (among which, a third from state reserves).
The war “is causing the greatest disruption in oil supplies in the history of the world oil market”, the IEA highlighted on Sunday.
According to the international agency, “this emergency collective action constitutes an important and welcome buffer.” “However, the most important factor for a return to stable flows is the resumption (…) of navigation through the Strait of Hormuz”, through which 20% of the world’s crude oil usually transits, he continued.
The price of oil has soared since the start of the Israeli-American offensive against Iran, on February 28, which brought the strait to near paralysis.
Japan also indicated today that it “does not foresee” a maritime security operation, in reaction to the appeal of US President Donald Trump, who on Sunday pressured allied countries, including members of the Atlantic Alliance, but also China, to join efforts to guarantee the security of the Strait of Hormuz.
“In the current situation in Iran, we do not intend to order a maritime security operation”, declared Defense Minister Shinjiro Koizumi in the Japanese Parliament.
Sanae Takaichi herself considered today that any maritime security operation would be “extremely difficult from a legal point of view”.
The sending of the Self-Defense Forces abroad is politically sensitive in an officially pacifist Japan, whose 1947 Constitution, adopted under the aegis of the United States, implies the renunciation of war.
Lusa
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