Japan Rules Out More Reserve Releases After G7 Pledges 100 Million Barrels
Japan does not plan to carry out additional releases of crude oil from its national reserves, a senior government official said on Monday, even as the G7 group announced on Friday a 100-million-barrel release from stocks. “Japan has been releasing oil from reserves for some time now and there are no plans for a further release at this stage,” Minoru Kihara, Japan’s chief cabinet secretary, said…
Japan has announced it will not release additional crude oil from its national reserves, despite the G7 group pledging to release 100 million barrels from their stocks. Minoru Kihara, Japan’s chief cabinet secretary, stated that Japan has been releasing oil from reserves for some time and there are no plans for further releases at this stage.
The G7 leaders had committed to a coordinated release through the International Energy Agency (IEA) of 100 million barrels, beginning immediately over four months, with a frontloaded substantial diesel release within the first 20 days by G7 members and partners.
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