Japan urges oil stockpiling and development as Mideast risks rise

Trade minister Ryosei Akazawa has called for stronger cooperation between oil-producing and consuming countries as well as greater oil stockpiling and infrastructure development in Asia, seeking to strengthen the region’s resilience to supply disruptions.

Energy security has become increasingly important amid heightened tensions in the Middle East, Akazawa said during an online appearance at the International Energy Forum (IEF) ministerial meeting.

The push reflects Japan’s efforts to reduce Asia’s vulnerability to oil supply disruptions, particularly those stemming from instability in the Middle East. Under its Partnership on Wide Energy and Resources Resilience Asia initiative, introduced in April, Japan is seeking to expand regional oil reserves, strengthen supply chains and improve emergency response capabilities through cooperation with energy-producing countries.

The minister also highlighted plans by the Asia Zero Emission Community, to deepen cooperation with oil-producing countries and strengthen coordination in emergencies.

Akazawa also said Japan aims to serve as a bridge between Middle Eastern oil producers and Asian countries, strengthening efforts between the regions and contributing to stable global energy supplies.

The IEF ministerial meeting brings together energy ministers from more than 60 major oil- and gas-producing and consuming countries for dialogue between producers and consumers. Governments, international organizations and companies discussed energy security, investment in sustainable energy and trade.