Japan will tap its oil reserves for the first time since 2022 as the war in the Middle East disrupts crude flows and raises the risk of supply shortages.
¡°Japan has decided to take the lead in easing supply and demand conditions in the global energy market by releasing reserves as early as the 16th of this month,¡± Prime Minister Sanae Takaichi said on Wednesday evening.
She emphasized the decision as being made without waiting for the International Energy Agency (IEA) to reach a decision on a potential coordinated release among its member nations.
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