Japan Confirms No New Plan to Release Oil Reserves After G7 Agrees to Release 100 Million Barrels of Emergency Oil

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Minoru Kihara, Japan's Chief Cabinet Secretary, confirmed that Japan currently has no plan to release additional crude oil from its national reserves, as it has already released supply into the market previously, even though the G7 countries reached an agreement on Friday, October 2, to release a total of 100 million barrels of diesel and crude oil from emergency reserves. Kihara said at a press conference that Japan has been releasing oil from its reserves for some time and has no plan to release more at this stage. Japan stated in March that it would release approximately 80 million barrels of oil from its reserves as part of the joint agreement, and it had already carried out a second round of crude oil releases from its national reserves in May. The announcement of the G7 agreement, of which Japan is a member, came after U.S. President Donald Trump pressured the European Union to tap its emergency diesel reserves. The G7 also pledged to avoid using energy export restriction measures. However, it remains unclear how much of this new release will come from the remaining portion of the 400 million barrel framework that the 32 member nations of the International Energy Agency, or IEA, had previously agreed in March to release, in order to mitigate the impact of energy supply disruptions caused by the war between the U.S. and Israel on one side and Iran on the other. Fatih Birol, Executive Director of the IEA, revealed last week that member nations had already released about two-thirds of the 400 million barrel agreement.

Impact on assets 3

Others▼ · 3 stocks
⛏Brent Crude Oil Futures
BRENT
▼ NegativeSupplyrelevance

G7 emergency reserve release of 100 million barrels of crude and diesel increases global oil supply, pressuring Brent.

⛏Crude Oil WTI Futures
WTI
▼ NegativeSupplyrelevance

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

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