Per Jin10, Japan's Economy, Trade and Industry Minister Ryosei Akazawa said on Tuesday that Tokyo will not release more national oil reserves in September and October.

He noted that September crude purchases are projected to be about 80% of last year's monthly average, down from 100% in August, as tanker traffic originally passing through the Bab el-Mandeb Strait reroutes to the longer Suez route.

Some reserves already earmarked for release have not yet been used because alternative supplies have been secured. Using those reserves would keep September’s supply at last year’s average, and October purchases are expected to return to the prior year's monthly average.