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00:02Japan will begin releasing oil from its stockpiles on Monday,
00:05as the U.S.-Israeli war on Iran disrupts supplies from the Strait of Hormuz
00:09and drives up gasoline prices.
00:11The government plans to release a record 80 million barrels,
00:15equal to about 45 days of supply, reducing reserves by 17%.
00:19It will release 15 days of private sector oil first,
00:23and a month of state, reserves later this month.
00:26Japan has asked refiners to use the crude to secure domestic supply.
00:30It is unclear how much will contribute to a coordinated 400 million barrel global release
00:35by the International Energy Agency.
00:37Officials said reserves can stabilize supplies in the short term,
00:40but cannot offset prolonged disruption.
00:42For all things money, visit Benzinga.com.
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