1 of 1
Story summary
- On March 8, 2026, a senior Japanese parliament member announced preparations for a potential crude oil release due to supply disruptions from the Iran crisis.
- Japan relies on the Middle East for about 95% of its crude oil, with 70% transported through the Strait of Hormuz, currently impacted by U.S. and Israeli attacks on Iran.
- Akira Nagatsuma reported that the Japan Organization for Metals and Energy Security (JOGMEC) received this directive, although the timing of the release remains unclear.
- Japan's emergency oil reserves were last drawn down in 2022 during the Ukraine crisis.
