Japan Opts Out of Additional Reserve Releases Amid G7's 100 Million Barrel Pledge

Japan has stated it will not release additional crude oil from its national reserves, despite the G7's recent commitment to unleash 100 million barrels from stockpiles. Minoru Kihara, Japan's chief cabinet secretary, confirmed the decision on Monday, noting that the country has already been releasing oil from reserves and has no current plans for further releases.

The G7 announced the coordinated release of 100 million barrels of crude oil and diesel over four months, with a significant portion to be released within the first 20 days. The move aims to address the diesel market deficit and ease record-high fuel prices, following pressure from the U.S. administration on key European economies like Germany and France to tap their emergency reserves.

Japan, a member of the G7, has already contributed to a previous IEA-coordinated global effort to release 400 million barrels of crude and oil products earlier this year. The country has been actively securing alternative crude oil supplies due to its heavy dependence on Middle Eastern crude, particularly through the Strait of Hormuz.

The G7 leaders have indicated they will discuss the possibility of additional diesel releases as needed in the coming days through the IEA framework.