Japan will this week commence the biggest-ever release of oil from its national strategic reserves, providing 80 million barrels — equivalent to 45 days of domestic demand — to domestic refiners as the US-Israel conflict with Iran disrupts tanker traffic through the Strait of Hormuz. Prime Minister Sanae Takaichi confirmed the start date of Thursday for the state reserve release, following last week’s approval of a separate deployment from private-sector stocks. Together, these actions represent the most comprehensive reserve mobilization in Japan’s history.
The Strait of Hormuz is the crucial maritime chokepoint through which most of Japan’s Middle Eastern oil imports flow. With over 90% of Japan’s crude coming from the region, any sustained disruption to this waterway translates almost immediately into domestic supply pressure. The government’s rapid deployment of reserves is designed to prevent this external disruption from causing real shortages in Japan’s fuel supply.
Japan’s total petroleum reserves of approximately 470 million barrels, covering 254 days of consumption, give the government significant room to maneuver. The 80 million barrel release, while historically unprecedented, leaves Japan with reserves sufficient for continued protection against further disruptions. The 1.8x multiple over the previous Fukushima-era record reflects the government’s view that this crisis is at least as serious as Japan’s worst modern energy emergency.
Fuel subsidies have been introduced to cap gasoline at approximately ¥170 per litre, down from a record high of ¥190.8. These will be reviewed weekly, allowing the government to calibrate support levels as market conditions evolve. Officials have also been working to manage social media-driven fears about shortages of household goods, particularly toilet paper, reassuring the public that domestic production is not at risk.
Takaichi has maintained a firm but diplomatic international posture, declining military involvement in the Hormuz situation while pledging active engagement through diplomatic channels. Her explanation to Trump — that Japan’s postwar constitution prevents overseas naval deployment — was consistent with Japan’s longstanding foreign policy principles. Japan’s resolve to protect itself through reserves, subsidies, and diplomacy rather than military action reflects a coherent and principled national strategy.