Japan can manage with its oil reserves in the event economic sanctions are imposed on Iran and oil shipments from the country are suspended, a senior Japanese trade official suggested Thursday.

“Unlike in the past two oil crises, we now have ample oil reserves and I believe we can deal with (emergencies) without a hitch,” Vice Economy, Trade and Industry Minister Takao Kitabata said at a news conference.

“We have developed alternative resources and our country is the most advanced in the world in energy conservation,” he said. “We have a thoroughgoing system in terms of oil.”

Japan depends on Iran for about 15 percent of its oil. Tokyo maintains stockpiles to cover about 170 days.

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