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Japan will launch the second round of oil reserve releases
The Japanese Ministry of Economy, Trade and Industry announced on the 24th that due to the worsening Middle East situation causing ongoing energy supply tensions, Japan will activate the second round of national oil reserve releases starting May 1, which is expected to meet 20 days of domestic demand. According to data released by the Ministry of Economy, Trade and Industry, this round will release 5.8 million kiloliters (approximately 36.48 million barrels) of oil from 10 national oil reserve bases within Japan. Data from the Ministry of Economy, Trade and Industry shows that as of the end of February this year, Japan’s dependence on Middle Eastern crude oil was 94.2%. Affected by the Middle East situation, Japan’s crude oil imports have plummeted. At the same time, imports of important chemical raw materials such as naphtha for petrochemical intermediates have been interrupted, leading to a sharp increase in the prices of related products. The Japanese government began releasing oil reserves on March 16, with a total release of about 80 million barrels, equivalent to about 45 days of Japan’s domestic oil consumption. (Xinhua News Agency)