Japan oil reserves

Oil Reserve Release Faces Iran’s Strait of Hormuz Leverage

In a significant display of international backing, 135 countries co-sponsored a Gulf-led draft resolution at the UN Security Council calling for an end to attacks by Iran. This broad support, according to Bahrain, underscores the global importance of Gulf stability and energy security. However, Russia and China abstained, citing the resolution’s perceived imbalance and failure to address the conflict’s root causes, particularly by omitting mention of US and Israeli airstrikes on Iran. Russia also challenged assertions that Gulf territories were not used for attacks against Iran, while Iran criticized the resolution as a political maneuver undermining the UN Charter.

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Japan Releases Oil Reserves to Stabilize Markets Amidst Geopolitical Tensions

Amid escalating tensions in the region, Prime Minister Takaichi Sanae announced Japan’s intention to release stockpiled oil and cap gasoline prices to mitigate the impact of potential crude oil import disruptions. Citing the significant drop in oil shipments through the Strait of Hormuz and Japan’s heavy reliance on Middle Eastern imports, the government will begin releasing private and state oil reserves as early as Monday. This proactive measure aims to prevent supply shortages and stabilize domestic fuel costs, with plans to cap the national average retail price of gasoline at approximately 170 yen per liter and implement similar controls for other petroleum products.

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