Second Round Release of National Petroleum Reserves

1. Overview

In order to address the current situation in the Middle East, METI is making the utmost effort to secure routes to procure crude oil while avoiding the Strait of Hormuz, and at this point, METI expects that procurement of more than half of oil supply through alternative sources will be possible by May compared with last year's levels. As a result of progress in procurement through alternative sources, it is expected that Japan’s oil supply will be secured beyond the end of the year, while limiting the volume of stockpiles to be released.

Under the circumstances, in order to continue to ensure a stable supply of crude oil, METI will release national crude oil stockpiles equivalent to approximately 20 days of supply from early May as a second round of release. At the same time, the 15-day reduction of the private oil stockpiling obligation will be maintained for the next one month.

Through these measures, METI will continue to secure the amount of oil needed nationwide.

2. The amount of national petroleum reserves to be released

In accordance with the provisions of Article 31 of the Oil Stockpiling Act, it was decided to transfer national crude oil stockpiles equivalent to approximately 20 days of supply.

3. Maintaining the reduction of the private oil stockpiling obligation

In accordance with the provisions of Article 7, Paragraph 3 of the Oil Stockpiling Act, it was decided to continue to reduce the private oil stockpiling obligation as follows:

Reduction amount:

15 days’ worth of the private oil stockpiling obligation (from 70 days to 55 days) will be maintained.

Reduction period:

From Thursday, April 16, for the time being, for one month

Division in Charge

Fuel Supply Infrastructure Policy Division, Agency for Natural Resources and Energy