Another country will release oil reserves. Germany has already done this. And Poland?
Germany announced the release of oil reserves, which is intended to stabilize the market and ensure continuity of supplies. Now Japan has also announced the release of its resources, even though the last time it did so was in the 1970s.
Japanese authorities announced on Wednesday, March 11, 2026, that they will begin releasing oil reserves from Monday, March 16, 2026. The Ministry of Economy, Trade and Industry in Tokyo announced that approximately 80 million barrels would be delivered to the market. This decision follows the blockade of the Strait of Hormuz.
Japanese Prime Minister Takaichi Sanae announced that Japan will release accumulated oil and gasoline prices amid the escalating situation regarding Iran.
Takaichi spoke to journalists from the early morning hours of Wednesday, March 11 at the prime minister’s residence. She said Japan’s crude oil imports were expected to drop significantly from late March because tankers were effectively unable to pass through the Strait of Hormuz.
She said Japan plans to use domestic stockpiles to prevent disruptions to the supply of gasoline and other petroleum products. She cited the country’s high dependence on the Middle East for oil imports, compared to other countries.
Takaichi announced that Japan would begin the release as early as Monday, without waiting for a formal decision on an international coordinated release involving the International Energy Agency. She said Japan would take the lead to alleviate the expected supply and demand gap in the global energy market.
As a first step, she said, the government would release 15 days of private sector crude oil reserves and one month of state stockpiles for now, delivering them to domestic refineries as quickly as possible. She added that Japan would also quickly tap into shared stocks in oil-producing countries.
Takaichi said she had instructed Industry Minister Akazawa Ryosei to quickly implement the emergency measure to prevent drastic changes in fuel prices, noting that price increases are expected as crude oil prices rise.
She said the government plans to limit the average domestic retail price of gasoline per liter to about 170 yen, or about $1.07, and take similar measures for light crude oil, heavy crude oil, kerosene and other related products.
Japan has enough oil reserves to meet 254 days of domestic demand, but remains largely dependent on supplies from the Middle East. This is the first significant independent intervention by the authorities since the oil crisis of the 1970s.
