Japan Taps Emergency Oil Reserves

Japan has started releasing oil from its reserve to stabilize supply amid the continuing tanker traffic freeze in the Strait of Hormuz. Initially, the government will release 15 days’ worth of oil consumption and then continue with another 30 days’ worth at the end of the month, Japanese media reported. Resource-poor Japan is overwhelmingly dependent on imported energy. In crude oil, Japanese refiners rely on imports from the Middle East for as much as 95% of their feedstocks. Most of the oil comes from Saudi Arabia, Kuwait, the United…