Japan is considering releasing another 20 days' worth of oil from its emergency reserves.

Japan Eyes Another Oil Reserve Release as Strait of Hormuz Uncertainty Lingers

Japan is considering another release of oil reserves as early as May, according to a Kyodo News report on Thursday. The move would add roughly 20 days' worth of supply to the market. The Strait of Hormuz's reopening remains uncertain—even with a US-Iran ceasefire in place.

Japan relies on the Middle East for about 95% of its oil. Since March 16th, it has been releasing reserves through domestic coordination and cooperation with other countries. So far, Japan has released about 50 days' worth of oil and has asked the IEA to consider a coordinated second release. The country still has enough reserves to cover 230 days.