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Japan rules out fresh oil reserve release after G7 pledge

Japan has no plans for a fresh release of crude oil from its national reserves, Chief Cabinet Secretary Minoru Kihara said on Monday. The country has already been drawing down its stockpiles.

Kihara’s remarks came days after the G7 agreed to a coordinated release of 100 million barrels of diesel and crude oil from emergency reserves. The release will run through the International Energy Agency over four months.

The G7 also pledged to avoid energy export restrictions. The deal followed pressure from US President Donald Trump on the European Union to tap emergency diesel inventories.

Japan released about 80 million barrels in March and conducted a second national round in May. IEA chief Fatih Birol said members have released roughly two-thirds of a 400-million-barrel coordinated commitment made in March.

Brent crude traded around 102.62 dollars a barrel on Monday. The IEA has described the Middle East supply disruption as the largest in the history of the global oil market.

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