With the uncertainty surrounding the strait of hormuz, oil supply has become unreliable. Japan gets most of its oil from the middle east and a major shortage would be problematic for the country. Japan has decided to consider pulling more from reserves and lowering usage to mitigate the risk of an oil shortage.
While a few releases from the reserves have happened in the past few months, the government has announced that they are considering another release of roughly 20 days worth of consumption from reserves. Refineries have also began to cut down on usage and the country has shifted towards using alternatives where possible such as coal for energy. The country has also offered to make part of their supply available as part of the International Energy Agency along with countries such as South Korea. Imports are projected to remain low for the time being.
While a full energy crisis has not happened yet, Japan is looking for other sources of oil to push towards less reliance on the middle east and using alternative shipping routes to avoid the Strait of Hormuz. Prices have dropped back down from their peak but supply and traffic through the Strait of Hormuz are still uncertain.
