Japan Urges Asia to Build Up Oil Reserves as Middle East Risks Mount

AI Summary

Japan is urging Asian countries to increase oil reserves and strengthen energy infrastructure as Middle East supply risks grow. Trade Minister Ryosei Akazawa said Japan would act as a bridge between producers and importers to help stabilize supply, with energy security taking priority.

Oil producers and consumers need to strengthen their cooperation, and Asian countries specifically need to boost oil stockpiles and infrastructure, Japan’s trade minister has said. Speaking at the virtual International Energy Forum, Ryosei Akazawa said that Japan will seek to take on the role of a “bridge” between Middle Eastern oil producers and oil importers in Asia to stabilize global energy supply as energy security becomes a top priority, overtaking efforts to shift away from oil and gas. Security of energy supply has in…