Japan will begin its biggest-ever oil release from national reserves this Thursday, Prime Minister Sanae Takaichi has announced, in a historic response to the energy threat posed by the US-Israel war on Iran. The release totals approximately 80 million barrels — the equivalent of 45 days’ worth of domestic oil demand — and will be distributed to domestic refiners. It is the largest emergency oil deployment Japan has ever undertaken.
The country’s dependence on Middle Eastern crude oil exceeds 90%, making Japan one of the most exposed developed economies to any disruption in the Strait of Hormuz. Tanker traffic through the strait has already been affected by the ongoing conflict, raising fears about how long the situation may persist. Japan’s government has chosen to act proactively rather than wait for supply shortfalls to develop.
This drawdown eclipses even the emergency release made following the Fukushima catastrophe of March 2011 — when an earthquake, tsunami, and nuclear meltdown forced all of Japan’s atomic plants offline — by a factor of 1.8. Japan’s total oil stockpile currently amounts to around 470 million barrels, or 254 days of consumption. Combined state and private-sector reserves are both being deployed to maximize support for refiners.
The government has also moved to cap gasoline prices at roughly ¥170 per litre through targeted subsidies, after retail prices hit an all-time high of ¥190.8. Consumer fears have been stoked by social media speculation, particularly around toilet paper, but authorities have confirmed that domestic supply is not under threat. Japan’s paper industry noted that 97% of toilet paper is made locally from recycled materials, entirely independent of Middle East supply chains.
Japan has diplomatically rejected Trump’s call to contribute naval forces to the Strait of Hormuz, with Takaichi citing the nation’s postwar constitutional restrictions during her Washington summit with the US president. Japan will continue pursuing diplomatic engagement with regional partners to support a peaceful resolution. The government has pledged every necessary measure to protect the country’s energy security and public wellbeing.