Japan's Minister of Economy, Trade and Industry, Ryosei Akazawa, stated at a regular press conference in Tokyo on Tuesday that the country will not need to tap into its strategic oil reserves further in October, despite ongoing Middle East conflicts casting a shadow over the supply outlook.

Akazawa expressed confidence that Japan can still secure adequate oil supplies. The government will decide on any future releases of oil reserves by assessing the situation in Saudi Arabia and monitoring procurement activities from the private sector.