Prime Minister Takaichi said Japan has extended its oil supply outlook by about one year via alternative imports and stockpile releases, with no further reserve releases this month, according to a statement on Thursday.
Assuming conservative alternative procurement levels remain at 75%, reserve use would extend Japan's stable oil supply through March 2028, read the statement on the Prime Minister's website.
July U.S. imports are expected to exceed 10 times the previous year's monthly average, while Japan has been drawing down reserves since March, releasing about 50 days' worth of domestic consumption.
Takaichi will urge G7 leaders to ensure safe navigation in key sea lanes, support strategic stockpiles in Asia, and deepen cooperation between oil-producing and consuming nations, the statement read.
As of June 8, the country held stockpiles equivalent to 201 days of oil use, despite having imported 94% of its crude from the Middle East in 2025, a region now facing a closed Strait of Hormuz, Reuters News reported on Thursday.