Japan decides not to make additional releases from oil reserves in September and October; crude oil procurement in September is expected to fall to 80% of the monthly average.

(1) Japanese Minister of Economy, Trade and Industry Akazawa Ryosei stated that Japan plans not to make additional releases from national oil reserves in September and October. (2) As oil tankers passing through the Bab el-Mandeb Strait are rerouting via the Suez Canal, Japan's crude oil procurement in September is expected to decline from 100% of last month's level to about 80% of the average monthly procurement last year. However, the government will use reserves that had been previously approved for release but have not yet been used, to ensure that September crude oil supply reaches last year's average level. (3) Akazawa Ryosei added that crude oil procurement in October is expected to return to last year's average monthly level.