Japan is mobilizing its strategic petroleum reserves on an unprecedented scale, with Prime Minister Sanae Takaichi confirming a release of 80 million barrels — the biggest-ever in the nation’s history — beginning this Thursday. The trigger is the escalating US-Israel conflict with Iran, which has raised the specter of prolonged disruption to oil tanker traffic through the Strait of Hormuz. For Japan, which depends on Middle Eastern crude for more than 90% of its oil needs, this is not an abstract geopolitical concern but an immediate economic threat.
The 80 million barrels being released represents roughly 45 days of Japan’s total domestic oil consumption. To appreciate the magnitude, it is worth noting that the previous record release — conducted in response to the 2011 Fukushima disaster — was only about 56% as large. Japan’s total reserve stockpile, estimated at 470 million barrels at year-end, still provides a significant cushion even after this deployment.
Alongside the state reserve release, the government had already approved the deployment of 15 days’ worth of private-sector reserves. This combination of public and private supply activation represents a comprehensive government response to the unfolding crisis. Energy officials have described the approach as carefully calibrated to prevent unnecessary market panic while ensuring supply adequacy.
Gasoline prices, which had climbed to a record ¥190.8 per litre, will be capped at approximately ¥170 through government subsidies reviewed on a weekly basis. The move to control fuel prices directly reflects the political sensitivity of energy costs in Japan, where consumers and businesses alike are highly attuned to fluctuations at the pump. Officials hope the combination of reserve releases and price controls will stabilize expectations.
Japan’s diplomatic strategy has come into sharp focus during the crisis, with Takaichi declining Trump’s request for naval support near Hormuz while pledging vigorous diplomatic engagement. Japan’s constitutional pacifism continues to constrain its military options but leaves ample room for diplomatic and economic statecraft. The government is committed to pursuing peace in the Middle East as both a moral imperative and a matter of vital national interest.