Japan aims to agree on action plans with Asian partners to bolster oil reserves
USO•USO•USO•USO•Japan aims to agree on plans with Asian partners to boost regional crude oil reserves at a ministerial meeting in the Philippines on Thursday. The initiative is backed by $10 billion in financial support.
Japan will discuss support measures with participating countries under its POWERR Asia initiative, with the aim of reaching an agreement on Thursday, Economy, Trade and Industry Minister Ryosei Akazawa said. Prime Minister Sanae Takaichi proposed the initiative in April to help Asian countries procure energy resources and bolster stockpiles, backed by $10 billion in financial support.
Japan will also host a special session with Saudi Arabia and the United Arab Emirates to strengthen cooperation between oil producers and Asian consumers and enhance resilience in the global energy system, Akazawa said. Japan aims to serve as a hub linking Middle Eastern oil producers with Asian oil consumers. Supply disruptions caused by the US-Israeli war on Iran have raised concerns about energy security in Asia.
