Prime Minister Sanae Takaichi announced a plan to secure crude oil supplies through strategic reserves and alternative procurement sources through the beginning of next year. She spoke to reporters at the Prime Minister’s Office after the fiscal 2026 budget passed. We have established a plan to secure oil supplies beyond the end of the year, Takaichi said. There will be no immediate disruption in the supply of essential goods such as medical supplies.
Imports from the United States in May are expected to increase to about four times last year’s level for that month. We will strengthen our efforts to engage with oil-producing countries to further raise the rate of alternative procurement, Takaichi stated. She held a telephone conversation with UAE President Sheikh Mohamed bin Zayed Al Nahyan on Tuesday evening. She requested cooperation toward ensuring a stable supply of crude oil.
Takaichi said she would not rule out calling for energy conservation amid growing concerns over crude oil supplies following the blockade of the Strait of Hormuz. We will respond flexibly without ruling out any possibilities, with the possibility of a prolonged situation in mind, she explained. During a House of Councillors Budget Committee meeting prior to the budget vote, she added, I am not going to ask people to conserve energy immediately in a way that would put the brakes on economic activity.
Both ruling and opposition parties have called for a supplementary budget that includes measures to address soaring crude oil prices. Takaichi told reporters the government would rely on reserve funds from the initial budget for the time being. I do not believe we are in a situation that requires the compilation of a supplementary budget right now, she said.
