Lowered Private Oil Stockpiling Obligation to Be Maintained

1. Overview

It is currently estimated that alternative procurement of crude oil for May will be secured for approximately 60% of the amount that would otherwise have passed through the Strait of Hormuz. For June, there are now prospects for securing approximately 70% or more of such crude oil.

In light of this progress in alternative procurement, prospects are now in place for securing the crude oil needed for June through the use of stockpile releases decided to date. Accordingly, it has been determined that the third release of national crude oil stockpiles, originally scheduled for this month, will not be conducted.

In view of this, the 15-day reduction of private oil stockpiling obligation will be maintained for the next month.

Going forward, we will continue to advance alternative procurement of crude oil while limiting the release of national crude oil stockpiles to secure the necessary amount for Japan as a whole.

2. 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:

Division in Charge

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