Japan Weighs Releasing More Oil Reserves as Hormuz Risks Persist

Japan is weighing the idea to release in May another batch of oil stocks from reserves to provide about 20 days of oil consumption, amid continued uncertainty about tanker transits through the Strait of Hormuz, Kyodo News reported on Thursday, citing a source close to the deliberations. Japan, which depends on Middle Eastern oil supply for about 95% of its oil supply, began releasing oil stocks from national reserves at the end of March, as part of the IEA-coordinated record-high release of 400 million barrels of oil and fuel. Japan is releasing…