Japan Weighs Releasing More Oil Reserves as Hormuz Risks Persist
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Japan is considering releasing more oil reserves in May to cover 20 days of consumption due to ongoing risks in the Strait of Hormuz. The country, reliant on Middle Eastern oil for 95% of its supply, has already begun releasing 80 million barrels as part of a coordinated effort by the IEA. Prime Minister Takaichi has urged Iran to ensure safe passage for ships through this critical chokepoint, emphasizing its importance for global logistics. Current conditions for transit remain uncertain, with Iran still controlling the passage.
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