Germany, Japan to unblock oil reserves as G7 stands ‘ready’ to act

Japan and Germany said on Wednesday they would tap into their oil reserves to tackle the rise in crude prices due to the Middle East war, with Berlin saying the IEA global energy body had asked member states to release 400 million barrels.France, the current chair of the Group of Seven countries, said nations were coordinating their steps as G7 energy ministers said they stood ready to take “all necessary measures”.The latest announcement came as leaders of the Group of Seven advanced economies were set to discuss the widespread economic fallout from the US-Israeli war with Iran, now into its second week, at a video conference meeting chaired by French President Emmanuel Macron.Prime Minister Sanae Takaichi said Japan would release oil reserves as early as Monday, while Germany’s Economy and Energy Minister Katherina Reiche said her country planned to do the same, without specifying a date.“Without waiting for a formal decision on coordinated international stock releases with the IEA, Japan has decided to take the lead in easing supply and demand in the international energy market by releasing strategic reserves as early as the 16th of this month,” Takaichi told reporters.“Given Japan’s exceptionally high dependence on the Middle East (for oil) and as we will be severely impacted, we plan to utilise Japan’s strategic petroleum reserves,” she said.