Japan releases oil from emergency reserves
Change
Japan began releasing oil from its emergency reserves on Monday.
Why it matters
Prime Minister Sanae Takaichi announced plans last week to unilaterally release 80 million barrels from stockpiles. The release was published on Monday in the Japanese government’s official gazette. The International Energy Agency is coordinating a separate 400 million-barrel release. The Strait of Hormuz is effectively closed, and it normally transports about one-fifth of global oil supply. Tokyo stated it has no plans to deploy its navy to the strait.
Implications
- • Shipping through the Strait of Hormuz is effectively halted, interrupting about one-fifth of global oil transport.
- • Brent crude rose as much as 3% and oil prices repeatedly exceeded $100 per barrel during the past week.
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