Oil Reserve Releases: G7 Members Unite against Growing Threat

Editorial

17:25 JST, March 13, 2026

Iran has effectively closed the Strait of Hormuz, a vital artery for crude oil transportation, heightening fears that the global economy could suffer extensive damage.

At the initiative of the Group of Seven members, which includes Japan and the United States, many countries have agreed to release oil reserves. This likely reflects a sense of imminent crisis.

As long as the U.S. and Israeli military conflict with Iran continues, stable energy supplies cannot be restored. The international community should work in unity to urge both sides to cease attacks at an early stage and seek a resolution through negotiations.

The 32 member countries of the International Energy Agency have agreed on a collective release totaling 400 million barrels of oil, the largest ever.

Ahead of the announcement of this IEA agreement, Prime Minister Sanae Takaichi unveiled Japan’s plans to release oil reserves. This will be the first time for Japan to release government-held oil stocks independently, not in a coordinated manner, since its stockpiling system was launched in 1978.

If the closure of the strait — through which more than 90% of Japan’s crude oil imports are shipped — continues, imports are expected to decline sharply from late this month.

Takaichi’s decision to make Japan’s release public in advance of collective action, which the IEA looked certain to make, was likely made to demonstrate Tokyo’s earnest hope for the crude oil market to be quickly stabilized.

Japan’s oil stocks consist of reserves held by the government and the private sector as well as those stored jointly with oil-producing countries, with the total amount equivalent to 254 days of domestic consumption. This time, Japan plans to release about 80 million barrels, equivalent to 45 days’ worth. The release is scheduled to begin as early as Monday.

The situation in the Strait of Hormuz is serious. Iran said it attacked a Thai company’s cargo ship for ignoring warnings. Mitsui O.S.K. Lines, Ltd. also confirmed damage to one of its container ships, although it remains unclear if it was related to the military conflict.

Iran appears to be aiming to prolong the conflict and intensify international pressure for a ceasefire. This barbaric act of holding the global economy hostage is intolerable.

Iran’s elite military force, the Revolutionary Guard Corps, has said ships must obtain permission from Iran to pass through the strait. This move is totally unacceptable.

Iran has also reportedly begun laying mines. If the country simply escalates tensions further, it will only deepen its isolation from the international community.

Even after the announcements of oil reserve releases, the benchmark U.S. crude futures price has stayed high, hitting the $90-per-barrel range, amid concerns that the military conflict could be prolonged. An immediate and major challenge is how to restore free navigation in the Strait of Hormuz.

The G7 members held an online meeting during which their leaders agreed to cooperate toward restoring freedom of navigation. They agreed to explore the possibility of escorting ships when the conditions for security are met.

The Japanese government also needs to consider its future response while closely communicating with other countries.

(From The Yomiuri Shimbun, March 13, 2026)