Japan Confirms No Additional Reserve Oil Release After G7 Agrees to 100 Million Barrels

Money & Banking··JPUSEU·Read original
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Japan has confirmed that it has no plans to release additional crude oil from its national reserves at this time, even though the Group of Seven leading industrial nations, of which Japan is a member, just reached an agreement on Friday to release a total of 100 million barrels of crude and diesel from emergency reserves, along with a pledge to avoid energy export restrictions. Japanese Chief Cabinet Secretary Minoru Kihara said Japan has already been gradually releasing reserve oil into the market and has no plans for further action at this stage. The G7 move follows pressure from U.S. President Donald Trump on the European Union to release diesel from emergency reserves amid concerns over soaring diesel prices worldwide, particularly in Europe and the United States. However, it remains unclear how much of the G7's new 100 million barrel release will come from the remaining volumes under the existing agreement among members of the International Energy Agency, or IEA. In March, 32 IEA member countries agreed to release a total of 400 million barrels of reserves, and IEA Executive Director Fatih Birol said last week that about two-thirds of that volume had already been released. Japan announced in March that it would release about 80 million barrels from its reserves under this cooperation, before carrying out a second round in May.

Impact on assets 3

Others▼ · 3 stocks
⛏Crude Oil WTI Futures
WTI
▼ NegativeSupplyrelevance

G7 agrees to release 100 million barrels of crude and diesel from emergency reserves, adding supply to the oil market.

⛏Heating Oil Futures
HEATOIL
▼ NegativeSupplyrelevance

G7 reserve release includes diesel and follows pressure over soaring diesel prices, easing distillate supply concerns.

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