Japan Opts Out of Further Oil Reserve Releases Despite G7 Pledge

Japan has ruled out further releases of crude oil from its national reserves, despite the G7's recent announcement of a coordinated release of 100 million barrels. Minoru Kihara, Japan’s chief cabinet secretary, stated on Monday that the country has no plans for additional releases at this stage. Japan is part of the G7 group, which committed to releasing the oil stocks over four months, with a significant portion of diesel to be released within the first 20 days.

The G7 leaders emphasized that they would discuss the possibility of further diesel releases as necessary through the International Energy Agency (IEA). This decision follows pressure from the U.S. Administration on Germany and France to tap into their emergency reserves to help lower record-high fuel prices.

Japan has already participated in previous releases from its strategic reserves as part of an IEA-coordinated global effort to release 400 million barrels of crude and oil products. The country has been working to secure crude oil supplies from alternative sources, given its heavy dependence on Middle Eastern crude, which historically accounted for over 90% of its crude imports.