Japan Rules Out More Reserve Releases After G7 Pledges 100 Million Barrels
South Korea Plans to Triple Canadian Crude Imports as Saudi Share Slips Davenport said Constellation Energy's 20-year deal… What I Cover Tsvetana Paraskova is an energy and commodities journalist who has contributed to Oilprice.com for nearly a decade, covering global energy markets, commodities,… Japan does not plan to carry out additional releases of crude oil from its national reserves, a senior government official said on Monday, even as the G7 group announced on Friday a 100-million-barrel release from stocks.
“Japan has been releasing oil from reserves for some time now and there are no plans for a further release at this stage,” Minoru Kihara, Japan’s chief cabinet secretary, said on Monday, as carried byReuters.
Japan is a member of the G7 group of the world’s most industrialized nations, whichpledgedon Friday the release of 100 million crude oil and diesel stocks from reserves to curb the diesel market deficit.
The G7 leadersvowedto implement their commitments with a coordinated release through the International Energy Agency (IEA) of 100 million barrels to begin immediately over four months, “including a frontloaded substantial diesel release within the first 20 days by G7 members and partners.” “We will convene in the context of the IEA in the coming days to discuss the possibility of additional diesel releases as necessary,” the G7 leaders’ statement said, following days of pressure by the U.S.
Administration on Europe’s biggest economies, Germany and France, to tap their emergency reserves and help lower record-high fuel prices.
Japan has done its part in releases from strategic reserves, it says.
Japan in the spring moved torelease crudefrom its strategic reserves as part of an IEA-coordinated global effort to release 400 million barrels of crude and oil products.
Since the war in the Middle East began, resource-poor Japan has scrambled to secure crude oil supply from alternative sources as its dependence on crude from the Middle East passing through the Strait of Hormuz was more than 90% of all crude imports.
Of the Middle Eastern supplies, about 70% typically arrived in Japan on tankers traveling through the Strait of Hormuz.
Hormuz LNG Flows Still Down More Than 75% Despite Rebound South Korea Plans to Triple Canadian Crude Imports as Saudi Share Slips What I Cover Tsvetana Paraskova is an energy and commodities journalist who has contributed to Oilprice.com for nearly a decade, covering global energy markets, commodities,… Saudi Arabia Cuts Europe Off From October Crude as Gulf Exports Surge White House Weighs Defense Production Act as U.S.
Refineries Maxed Out Saudi Arabia Discovers 110 Million Tonnes of Uranium-Bearing Ore Strait of Hormuz Shipping Traffic Falls Further as Saudi Oil Flows Rise Macron Calls for Another Emergency Oil Release as Europe Loses Supply Energy Giants Are Betting Billions on a World of Longer Oil Routes Debunking the Viral Claim That America Has Only 14 Days of Oil Left Oil Above $100 Pushes U.S.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
Comments
Post a Comment