Japan to Release More Oil Amid Supply Crunch

Japan will release additional volumes of crude oil next month, Prime Minister Sanae Takaichi said today, confirming earlier reports about more releases from inventories to handle the supply squeeze resulting from the war in the Middle East. Last month, Japan began releasing oil from stockpiles, with plans in place to release a total of 50 days’ worth of demand. Japan is releasing a total of 80 million barrels of oil stocks, including 54 million barrels of crude and 26 million barrels of oil products, as part of the International Energy…