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Japan has secured a commitment from the United Arab Emirates (UAE) to increase joint crude oil stockpiles stored in Japan by UAE-linked companies, according to Japan Economy, Trade and Industry Minister Ryosei Akazawa.
Akazawa said the agreement was reached during a meeting in Abu Dhabi with UAE counterpart Sultan Al Jaber, who also serves as a special envoy to Japan.
Both sides agreed to strengthen cooperation to ensure stable oil supply flows amid continued disruptions in global energy routes.
The discussions were held as the Strait of Hormuz, a key passage for global energy shipments, remained closed amid worsening tensions in the Middle East.
Akazawa said Japan pushed for a significant expansion of joint stockpiling arrangements, noting that the UAE also committed to replenishing previously released crude reserves and further expanding stored volumes.
He told reporters in Paris after his regional tour that the UAE had agreed in principle to boost the volume of strategic reserves held in Japan under the partnership.
Data from Japanese officials showed that crude oil sourced from the UAE accounts for around 40 percent of Japan’s total oil imports, underscoring the importance of the supply relationship.
The UAE was also reported to have withdrawn from the Organization of the Petroleum Exporting Countries, with plans to independently adjust and gradually increase production levels moving forward.