Japanese Prime Minister Sanae Takaichi revealed plans to draw down oil from emergency stockpiles, commencing in early May. This move comes as Japan, heavily reliant on the Middle East for 95 percent of its oil supply, continues to utilize its strategic reserves. The country initially began releasing oil from its stockpiles in mid-March. In total, Japan will make approximately 50 days’ worth of oil consumption available. As of April 6, the nation’s oil reserves stood at a substantial 230 days’ supply.
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