00:00Welcome back. Amid the escalating conflict between the U.S., Israel and Iran,
00:04Japan has begun releasing oil from its reserves to ease supply concerns and stabilize domestic
00:11distribution. The first release will cover 15 days of private sector stocks,
00:16with an extra month from government reserves to follow.
00:21Prime Minister Sanai Takechi announced plans last week to release around 80 million barrels of oil,
00:28the largest drawdown in the country's history. That's enough to cover 45 days of domestic
00:34consumption, almost double what was released after the 2011 earthquake and tsunami.
00:40The government also plans to lower mandatory reserve requirements for refiners and traders
00:46from 70 to 55 days, allowing them to tap into existing inventories.
00:52Preparations are now underway to sell government-held oil to wholesalers.
00:56This is the seventh time Japan has drawn on its reserves since the 1970s. And by the end
01:03of 2025, stocks stood at enough for 254 days of domestic demand.
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