Japan plans no new oil reserve release following G7 agreement: Premier

Japan has no plans for a new release from its petroleum reserves following a G7 agreement to coordinate a 100-million barrel drawdown, Prime Minister Sanae Takaichi said.

In a post on US social media company X, Takaichi said Japan had already been releasing supplies from its reserves and would not undertake additional release measures on this occasion.

Her remarks followed an emergency virtual G7 meeting held on Oct. 2 amid surging diesel prices.

Takaichi said the discussions focused particularly on responses to diesel prices in Europe, the US and elsewhere against the backdrop of delays in European strategic reserve releases.

France, which holds the G7 presidency, convened the meeting at short notice and permitted representatives to attend on behalf of leaders, she said.

Japan was represented by Endo, its G7 sherpa and deputy foreign minister, who was visiting the US and had directly handled coordination for the meeting.

Takaichi also said she understood that British Prime Minister Keir Starmer was represented by a proxy, while European Council President Antonio Costa was absent.

Japan would continue working to support global economic stability, energy security and markets, she added.

According to the G7’s joint statement, the coordinated release through the International Energy Agency will begin immediately and run for four months, including a substantial diesel release within the first 20 days by members and partners.

The group also pledged to coordinate refinery maintenance, temporarily increase utilization where feasible and refrain from restricting energy exports between G7 countries.

ANEWS wp:paragraph