Source: US News & World Report
“Japanese Prime Minister Sanae Takaichi asked International Energy Agency chief Fatih Birol for an additional coordinated release of oil stockpiles when they met on Wednesday, as Tokyo seeks to hedge against a prolonged Middle East conflict. After agreeing to release a record amount of oil stockpiles in coordination with the IEA to cover for the Middle East supply loss, Takaichi on Tuesday said Japan would also open up joint oil stockpiles co-owned by producing nations in the country. … There are 45 Japan-related ships that are still stranded in the Gulf as the Strait of Hormuz remains closed, said Hitoshi Nagasawa, chairman of the Japan Shipowners’ Association and also head of Japan’s NYK Group, one of the world’s largest shipping companies, on Wednesday.” (03/25/26)