Japan said it had started to release another part of its strategic oil reserves as it looks to temper the impact on the resource-poor nation from the surge in prices caused by the Middle East war, reports AFP.
Japan is the fifth-biggest importer of oil, with more than 90 per cent of it from the Middle East.
“The release (of national stockpile) started at 10:59 am (0159 GMT) to oil refiners,” Kaname Morimoto, an official of the ministry of economy, trade and industry, told AFP.
Top government spokesman Minoru Kihara said he was aware that the “transfer of oil from half of the reserve stations to four oil refining companies is scheduled to start”.
