Japan Plans to Replenish Strategic Oil Reserves, Allocates 385 Billion Yen for Next Fiscal Year

Japan plans to replenish its national strategic oil reserves. According to Sina Finance, the Ministry of Economy, Trade and Industry has set aside 385 billion yen for oil purchases in the fiscal year starting next April. Japan had drawn on part of its reserves to cushion the impact of the U.S.-Iran conflict. Like other developed countries, Japan released reserves to respond to the crisis while also seeking alternative supply sources. Before the Middle East war broke out, more than 90% of Japan's crude oil imports came from the region, leaving it especially vulnerable to supply disruptions. After the release, Japan's strategic oil reserves were equivalent to 103 days of demand as of September 6, down from 146 days before the conflict.