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Japan rules out further crude reserve releases despite G7 pledge

Japan says it has already been releasing oil from its national reserves and sees no need for additional releases for now.

Reported · Written up by our desk · Energy

Japan does not plan to carry out additional releases of crude oil from its national reserves, a senior government official said on Monday, even though the G7 announced a 100-million-barrel release from stocks on Friday.

Minoru Kihara, Japan’s chief cabinet secretary, said Japan has been releasing oil from reserves for some time and that there are no plans for a further release at this stage.

The comments frame Japan’s position as separate from the G7 effort to draw down inventories.

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