Press Conference by Minister Akazawa (Excerpt)

*Note: This is a provisional translation for reference purposes only.

8:35–8:39 a.m.
Tuesday, April 7, 2026
In front of the Cabinet Room, 2nd Floor, National Diet Building

Opening Remarks

None

Question-and-Answer Session

Crude oil procurement in light of the situation in the Middle East and the release of national petroleum reserves

Q: I would like to ask about the procurement of crude oil in light of the current Middle East situation. According to some media reports, the government now has a clear prospect of securing oil supplies until the beginning of next year, with about 60% of last year’s volume secured for May through alternative sources. There have also been reports that the government will additionally release 20 days’ worth of oil from the national petroleum reserves next month. I would like to ask whether these two reports are accurate and hear your views on them.

A: I am aware of the reports in question. As we are currently gathering information from relevant companies and examining the details, we are unable to provide any firm figures at this point. I would like to refrain from making any premature comments on the outlook for specific crude oil procurement volumes. However, tankers that departed from the Middle East arrived in Japan on Saturday, March 28, and Sunday, April 5, and we recognize that alternative procurement is steadily underway. In any case, Japan is working to secure the amount of oil needed nationwide through the release of reserves and alternative procurement, and will continue to do its utmost to ensure a stable energy supply in Japan.

Demand Restraint for Petroleum Products and Request for Electricity Conservation

Q: Let me ask you about demand restraint for petroleum products. As you explained at last week’s press conference, there are voices in the business community calling for electricity conservation and demand restraint to be considered. Could you once again share your views on demand restraint at this point, as well as on the possibility of requesting electricity conservation before the hot season begins in earnest?

A: At the moment, the amount of oil needed nationwide has been secured through alternative procurement in collaboration with the private sector and the release of reserves. Therefore, we do not consider that the supply-demand balance for oil in Japan is currently being affected, and this view remains unchanged from my previous assessment. In this context, we will continue to carefully address the partial imbalances in supply and bottlenecks in distribution in coordination with relevant ministries and agencies, to protect people’s lives and livelihoods. At the same time, we will consider all policy options, including demand-related measures, utilizing methods that do not have a major impact on the Japanese economy.

Q: As for demand restraint, could you share your views on when you would regard it as necessary?

A: At present, we believe that the amount of oil needed nationwide has been secured through the release of reserves and alternative procurement that does not rely on passage through the Strait of Hormuz. Meanwhile, in cases where fuel for public transportation, transport operators, factories, fisheries, and agriculture is not being fully delivered through domestic distribution channels, we will establish a point of contact and carefully follow up on the information received. Needless to say, we will ensure that lifesaving items such as pharmaceuticals are given the highest priority. With regard to energy conservation and demand restraint, we will continue to respond flexibly, without ruling out any options, while monitoring the current supply-demand situation and prices of critical goods.