The government has established a panel of relevant Cabinet ministers on the situation in the Middle East and convened the first meeting on Tuesday. The participants included Takaichi, Foreign Minister Motegi Toshimitsu and Economy, Trade and Industry Minister Akazawa Ryosei.
Takaichi spoke about her summit with US President Donald Trump. She said they confirmed the importance of calming the situation as soon as possible, ensuring safe passage in the Strait of Hormuz and securing a stable energy supply.
Takaichi said in order to address the effects on the domestic economy, private oil companies have been releasing their reserves, which they are required to have, since March 16. She disclosed that the release of the government’s national reserves will start on Thursday.
She indicated that the release of oil stockpiles kept in Japan with the cooperation of oil producing countries will start later this month.
Takaichi also referred to concerns about the supply of petroleum products, including naphtha.
She instructed the ministers to compile policies and brief her about the overall supply chain for products in the industrial, farming and medical sectors. She said they should take into account the global supply situation and the volume of stockpiles in Japan.
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