Japan urges oil stockpiling and development as Mideast risks rise
The push reflects Japan's efforts to reduce Asia's vulnerability to oil supply disruptions.
Trade minister Ryosei Akazawa of Japan has called for intensified collaboration among oil-producing and consuming nations, along with expanded oil stockpiling and infrastructure enhancements in Asia. The objective is to bolster the region's resistance to potential supply interruptions, as emphasized by Akazawa during a virtual participation at the International Energy Forum (IEF) ministerial gathering. This emphasis on energy security is driven by the escalating tensions in the Middle East, according to Akazawa.
The Japanese government's strategy aligns with its broader goal of diminishing Asia's susceptibility to oil supply disruptions, especially those triggered by instability in the Middle East. As part of this approach, Japan launched the Partnership on Wide Energy and Resources Resilience Asia in April. This initiative aims to broaden regional oil reserves, fortify supply networks, and bolster emergency response mechanisms through collaborative endeavors with oil-producing nations.
Akazawa also shed light on the Asia Zero Emission Community's plans to intensify cooperation with oil-producing countries and enhance coordination during crises. He further articulated Japan's aspiration to act as a conduit between Middle Eastern oil suppliers and Asian nations, fostering stronger ties between the regions and promoting stable global energy distribution.
The IEF ministerial meeting serves as a platform for energy ministers from over 60 major oil and gas-producing and consuming countries to engage in discussions concerning energy security, investment in sustainable energy sources, and trade.
Written by urgent.news from Japan Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
