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Tokyo: Japanese Prime Minister Sanae Takaichi announced that her government plans to release additional volumes from oil reserves next May to help stabilize supply.
Speaking during a Cabinet meeting Friday, Takaichi said the new release would follow a similar move carried out last month as part of government efforts to stabilize the energy market.
She explained that the second release would be equivalent to around 20 days of domestic consumption, starting from early May.
The Prime Minister stressed that Japan is making every effort to secure crude oil from alternative sources via routes that do not pass through Strait of Hormuz.
In this regard, she noted that Japan received requests from like-minded countries regarding cooperation in securing oil supplies, adding that her government is reviewing these requests individually.
According to data from Japan's Agency for Natural Resources and Energy, the country's total oil reserves as of April 6 are sufficient to cover 230 days, including 143 days of government stockpiles.
