Japan Confirms Sufficient Crude Oil Supplies Amid US-Iran Tensions

Japan's Prime Minister Sanae Takaichi has reaffirmed that the country has secured enough crude oil supplies to meet its needs for the time being. In a post on X, she stated that the necessary amount of crude oil for this month is expected to be procured and that the government will not release its oil stockpiles.

Takaichi explained that procurement for next month is also on track, with her determination to continue efforts to secure the amount necessary for Japan as a whole. This comes after a temporary truce between the US and Iran collapsed earlier this month, leading to a surge in global oil prices, which hovered around $100 a barrel on Friday.

The government has no plans to release additional oil reserves this month, according to Takaichi. Earlier this month, she stated that Japan has secured stable oil supplies through the end of March 2028 despite the Iran war through a combination of alternative crude imports and stockpile releases.