- Home
- News Releases
- Back Issues
- March FY2026
- Reduction of The Private Oil Stockpiling Obligation and Release of National Crude Oil Stockpiles
Reduction of The Private Oil Stockpiling Obligation and Release of National Crude Oil Stockpiles
March 16, 2026
On Monday, March 16, the Ministry of Economy, Trade and Industry (METI) reduced the private oil stockpiling obligation by an amount equivalent to 15 days of domestic consumption. Also, in accordance with Article 31 of the Oil Stockpiling Act (Act No. 96 of 1975), METI decided to release national crude oil stockpiles equivalent to approximately a month of supply for the time being. This helps ensure the stable supply of oil in Japan as well and contributes to the collective action led by the International Energy Agency (IEA) for the stabilization of the international energy market.
1. Background
Due to the worsening regional situation around Iran, the Strait of Hormuz has been effectively closed to crude oil tankers. Accordingly, from late March this year, the amount of crude oil imported from the Middle East to Japan will substantially decrease. Japan is profoundly dependent on oil supply from the Middle East and will be badly affected by the ongoing situation in this region. In light of this fact, METI decided to make use of the national crude oil stockpiles to ensure that there is no disruption to the supply of petroleum products in the country.
This decision was followed by the agreement of IEA member countries on the coordinated release of a total of 412 million barrels of oil.
2. Reduction of the private oil stockpiling obligation
In accordance with the provisions of Article 7, Paragraph 3 of the Oil Stockpiling Act, METI decided to reduce the amount of private-sector oil stockpiling obligation, as shown below.
Reduction Amount:
15 days’ worth of the private oil stockpiling obligation (from 70 days to 55 days) will be maintained.
Reduction Period:
from Monday, March 16, for the time being, for one month
3. Release of National Crude Oil Stockpiles
In accordance with the provisions of Article 31 of the Oil Stockpiling Act, METI decided to transfer national crude oil stockpiling equivalent to approximately a month.
Division in Charge
Fuel Supply Infrastructure Policy Division, Agency for Natural Resources and Energy