Tokyo:Japan has decided not to proceed with a new release from its petroleum reserves, despite a G7 agreement to coordinate a 100-million barrel drawdown, as stated by Prime Minister Sanae Takaichi.

According to Anadolu Agency, Prime Minister Takaichi announced on the social media platform X that Japan has already been releasing supplies from its reserves and will not take further release measures at this time. Her statement came after an emergency virtual G7 meeting on October 2, which was held due to rising diesel prices.

The discussions during the G7 meeting focused on addressing diesel price surges in Europe, the US, and other regions. This was particularly urgent given delays in the release of European strategic reserves. The meeting was called by France, which currently holds the G7 presidency, and allowed for representatives to attend on behalf of leaders.

At the meeting, Japan was represented by its G7 sherpa and deputy foreign minister, Endo, who was in the US and managed the coordination efforts. Takaichi noted that British Prime Minister Keir Starmer was represented by a delegate, while European Council President Antonio Costa did not attend.

Prime Minister Takaichi emphasized Japan's commitment to supporting global economic stability, energy security, and markets. According to the G7's joint statement, the coordinated release through the International Energy Agency will commence immediately, spanning four months with a significant diesel release planned within the first 20 days by members and partners. The G7 also agreed to coordinate refinery maintenance, increase utilization where possible, and avoid restricting energy exports among member countries.