Reports from a major Japanese media outlet on Friday indicated that the Japanese government is considering utilizing a portion of its petroleum reserves in response to the ongoing crisis in Iran, which is disrupting global energy supplies. This action could be undertaken in coordination with other nations or independently.

Approximately 95% of Japan's crude oil imports originate from the Middle East, with 70% of that volume transiting through the Strait of Hormuz. This critical shipping lane is now largely closed due to the conflict involving Iran.

The government in Tokyo maintains emergency stockpiles equivalent to 146 days of consumption. In addition, Japan holds reserves in the private sector and joint reserves located in oil-producing countries. Japan's total petroleum reserves are among the largest globally, covering roughly 254 days of imports.

Earlier this week, Japanese officials had stated there were no plans to release reserves.

On Friday, Japan's Ministry of Economy, Trade and Industry did not immediately respond to requests for comment.

The report stated that the government will monitor the situation's development and decide whether to release a portion of the national reserves, stored across the country, to domestic companies to ensure a stable supply.

The report also mentioned that the government will evaluate whether to act in coordination with other countries or "independently," and determine the volume of existing reserves needed to compensate for any shortfall caused by the blockage of the Strait of Hormuz.

Following Russia's invasion of Ukraine in 2022, Japan coordinated with the International Energy Agency and other nations to release a portion of its oil reserves.