Japan said it had started to release another part of its strategic oil reserves Thursday as it looks to temper the impact on the resource-poor nation from the surge in prices caused by the Middle East war. Japan is the fifth-biggest importer of oil, with more than 90 percent of it from the Middle East. "The release (of national stockpile) started at 10:59 am (0159 GMT) to oil refiners," Kaname Morimoto, an official of the ministry of economy, trade and industry, told AFP. The move comes after Tokyo said this week it would release a month's worth of government stockpiles, as officials started releasing 15 days' worth of private-sector petroleum reserves. The head of the International Energy Agency said Wednesday that he was "ready" to approve the release of more oil reserves if needed.

Source: The Standard March 26, 2026 09:19 UTC