Japan secures stable crude supplies through March 2028, PM Takaichi says

Japan secures stable crude supplies through March 2028, PM Takaichi says TOKYO, June 11 : Japan has secured stable oil supplies through the end of March 2028 despite the Iran war through a combination of alternative crude imports and stockpile releases, Prime Minister Sanae Takaichi said on Thursday, extending the country's previous supply outlook by around one year. Japan has no plans to release additional oil reserves this month, she told a cabinet meeting. • Takaichi said Japan had secured alternative supplies equal to 100 per cent of the previous year's average monthly consumption volume for July and 80 per cent for June. July imports from the U.S. are expected to be more than 10 times the previous year's monthly average, she added. • Japan has been drawing down its oil stockpiles to address supply disruptions stemming from the Middle East crisis. It began releasing the equivalent of about 50 days of domestic oil consumption on March 16. It released around five days' worth from reserves held jointly with oil-producing nations and started tapping a further 20 days' worth from May 1. • No additional releases have been announced since then. • As of June 8, Japan held oil stockpiles equivalent to 201 days of oil consumption, according to the Ministry of Economy, Trade and Industry. Of that, 107 days were held in government reserves, 92 days in private stockpiles and three days in joint reserves with oil-producing countries. • Japan imported 94 per cent of its crude oil from the Middle East in 2025, with 93 per cent of those shipments passing through the Strait of Hormuz, which Iran has effectively closed. • Takaichi said she will visit Europe from June 13, holding talks with British and Italian leaders before attending a G7 summit in France. • She said she will urge the G7 to ensure free and safe navigation through key sea lanes like the Strait of Hormuz, support strategic oil stockpiles in Asia and other regions in cooperation with the IEA, and deepen cooperation between oil-producing and consuming countries.