G7 countries support, in principle, release of strategic energy reserves to stabilize supply

Group of Seven (G7) energy ministers said in a statement released Wednesday that they support, in principle, the implementation of proactive measures to address the global energy situation, including the use of strategic reserves.

The G7 countries are the United States, Japan, Germany, Canada, the United Kingdom, France and Italy.

The G7 energy ministers, under the French presidency, met via videoconference on Tuesday against a backdrop of heightened volatility in oil prices. Ministers discussed the impact of the Middle East conflict on the global energy market, including issues related to the security of oil and gas supply and energy prices.

The statement said G7 member states will coordinate closely with the International Energy Agency (IEA) and its members, monitor energy market trends, and prepare further measures that might be required.

Germany will release 19.51 million barrels of strategic oil reserve to deal with global energy price hikes amid the Middle East conflict, Economy and Energy Minister Katherina Reiche said Wednesday.

German petrol stations will be required to limit price increases, while price cuts can be implemented at any time. Past energy crises have shown that pump prices tend to rise quickly with global oil prices but fall more slowly, she said.

Japanese Prime Minister Sanae Takaichi said Wednesday that Japan will release some of its national oil reserve as early as March 16 to deal with a possible surge in gasoline prices, local media reported.

Speaking to reporters at the prime minister's office, Takaichi said the situation in the Middle East had effectively prevented crude oil tankers from passing through the Strait of Hormuz, raising concerns that Japan's crude imports could drop significantly later this month, public broadcaster NHK reported.

"Japan relies heavily on Middle East oil and is therefore particularly vulnerable," Takaichi said, adding that "the government will utilize its oil reserves” to ensure supply is not disrupted,

The NHK report said Japan plans to release 15 days' worth of reserves held by the private sector initially, and then 30 days' worth of government-held oil, without waiting for an international decision coordinated by the IEA.

G7 countries support, in principle, release of strategic energy reserves to stabilize supply

A Chinese mainland spokesperson on Wednesday slammed Taiwan leader Lai Ching-te over his latest remarks on cross-Strait relations, accusing him of promoting secessionism and escalating tensions across the Taiwan Strait.

Chen Binhua, spokesperson for the Taiwan Affairs Office of the State Council, said in a press release that Lai's speech marking his second anniversary in office was "filled with lies and deception, hostility and confrontation."

Chen accused Lai of stubbornly adhering to a secessionist stance in pursuit of "Taiwan independence," while exaggerating the so-called threats from the mainland and intensifying confrontation across the Strait.

Lai played an old trick of advocating the secessionist agenda on one hand and, on the other, calling insincerely for dialogue and exchanges with the mainland, attempting to mislead people in Taiwan and deceive the international community, he said.

Chen said that these common tricks have been seen through by more and more Taiwanese people. Their deceptive and provocative actions will be met with firm opposition from compatriots on both sides and the international community, and are doomed to fail.

Reaffirming the mainland's position on the Taiwan question, Chen said Taiwan has never been a country, is not one now, and will never become one in the future.

He described the Taiwan question as a historical issue left over from a Chinese civil war in the 1940s.

No election result in Taiwan could alter the fact that Taiwan is part of China or sever the historical and legal bonds linking the two sides of the Strait, according to Chen.

The mainland would never allow any person or force to pursue secessionist activities under any pretext, he added.

Calling secessionists "the chief culprit" who undermines cross-Strait peace, Chen said the mainland would continue to uphold the one-China principle and the 1992 Consensus, unite broadly with Taiwan compatriots, combat secessionist activities, and safeguard peace and stability across the Strait.

Central government spokesperson refutes Lai Ching-te's latest remarks, warns against secessionist moves