Japan rules out more oil reserve releases after G7 pledge

• Japan will not conduct further releases of crude oil from its national reserves.
• The G7 announced a 100 million barrel release from stocks on Friday.
• The G7 release is intended to curb a diesel market deficit.
• Japan's chief cabinet secretary Minoru Kihara made the statement on Monday.
• Japan participated in a spring release of crude oil as part of an IEA coordinated effort.

Japan has stated it will not release additional crude oil from its national reserves, despite the G7 announcing a coordinated release of 100 million barrels from stocks to address a deficit in the diesel market. Minoru Kihara, Japan's chief cabinet secretary, said on Monday that the country has already been releasing oil and has no further plans at this stage. The G7 leaders pledged on Friday to begin the release immediately over four months, including a substantial diesel release within the first 20 days by G7 members and partners, following pressure from the U.S. Administration on European economies to tap their reserves. Japan participated in a global effort in the spring to release 400 million barrels of crude and oil products. The country, which is heavily reliant on Middle Eastern crude passing through the Strait of Hormuz, has been seeking alternative supply sources since the start of the conflict in the Middle East.