Japan has built enough oil reserves to handle a possible oil crisis if sanctions are imposed on Iran over its nuclear program
Japan has built enough oil reserves to handle a possible oil crisis if sanctions are imposed on Iran over its nuclear program, a senior Japanese trade official said.
Japan is almost entirely dependent on the Middle East for its oil, importing about 15 pct of its total oil consumption from Iran.
'Unlike in the past two oil crises, now we have enough oil reserves. I believe we can deal with it without major trouble,' Vice Minister of Economy, Trade and Industry Takao Kitabata told a news conference.
Japan has a stockpile of 168 days worth of oil stored by the government and the private sector, according to the trade ministry.
The Yomiuri Shimbun newspaper last week said Japan would press for potential UN sanctions on Iran to exclude the energy sector.
